After Dubai, Abu Dhabi has given the green light to Binance to run its operations as a broker-dealer in digital assets. This is yet another milestone in the cryptocurrency exchange’s attempts to expand its business to the Middle East. Abu Dhabi’s Financial Services Regulatory Authority gave the approval “in principle” as an initial step towards becoming a city that is completely regulated by the virtual asset service provider.
This move comes after Binance was authorized by Bahrain’s central bank and got a crypto license from Dubai.
After the company got a cold welcome everywhere else, Binance has been trying to move into the Middle East market. The UK put strict restrictions against the company and barred it from conducting its operations in the country. Singapore’s central bank also warned Binance that it could be violating the local payment laws. As a result, the company limited its services in the country.
All these years, Binance was hell-bent on proving that the company could operate anywhere independently of the local regulations. The company proudly admitted that it had no official headquarters. However, Binance recently changed its stance in response to the global pressure and mentioned that it aims to become a regulated business. The company is currently deciding where to open up its head office.
Just like Binance, several other companies such as FTX and Crypto.com are eyeing the Gulf markets to set up shop as well. However, the UAE’s interest in attracting the world of crypto comes at a bad time as the region was recently put on the gray list by the Financial Action Task Force (FATF) — a global money-laundering investigator.
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