Binance Holdings is in talks to seek a license to operate in Dubai, citing a person familiar with the situation.
- The world’s largest crypto exchange by trading volume is in talks with the Dubai World Trade Centre free zone to obtain a license to operate as a virtual asset service provider.
- Binance struck an agreement with the Dubai World Trade Centre Authority (DWTCA) in December to assist in the establishment of Dubai as a new industry hub for Global Virtual Assets.
- Binance CEO Changpeng Zhao hailed Dubai’s passage of its first law governing virtual assets, which includes the establishment of a regulator to monitor such assets, in a tweet on Wednesday morning. “Regulatory clarity is critical. “Dubai’s new virtual asset law is a huge step forward,” Zhao stated.
- Binance has previously secured preliminary authorisation from Bahrain’s national bank to operate as a cryptocurrency asset service provider in the country.
- Binance did not reply immediately to a request for additional comment.
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