Binance appears to be growing further in the Middle East. Changpeng Zhao platform has just acquired an agreement in principle to offer its services in Abu Dhabi, with the goal of eventually expanding throughout the MENA region.
Binance is planning to open an office in Abu Dhabi.
After obtaining a license to operate in Dubai and Bahrain, Binance appears to be making plans to expand into the Persian Gulf. In fact, they announced that they reached a preliminary agreement to provide her services in Abu Dhabi, the capital of the United Arab Emirates.
The preliminary agreement was issued by the Abu Dhabi Global Market (ADGM), the entity that regulates digital asset trading in Abu Dhabi. Indeed, the ADGM has been allowed to provide licenses for bitcoin exchanges since 2018.
However, according to Binance Middle East Manager Richard Teng, the firm has yet to finish the application procedure, thus this is only the first stage. If the Binance platform is successful in obtaining its license, it will be able to offer its services to all of its clients throughout North Africa and the Middle East via its subsidiary Binance (AD) Ltd.
Binance’s efforts to become a globally regulated platform were acknowledged by ADGM:
“This tentative agreement is part of Binance’s plans to establish itself as a fully regulated virtual asset provider within an internationally recognized and well-regulated financial center. »
The United Arab Emirates is a popular cryptocurrency location.
The United Arab Emirates appears to be a significant location for cryptocurrency exchanges, as Binance has stated that, in addition to its license gained in Dubai last month, it intends to establish a blockchain technology hub right within the Dubai World Trade Center.
At the same time, Binance CEO Changpeng Zhao claimed that Dubai may be a preferred location for its platform, and that it could even be picked as the city for its future headquarters.
However, Binance’s development into the Arab East, according to Richard Teng, will not stop there:
“We look forward to working closely with ADGM and other key players in Abu Dhabi for a wider rollout of our world-class offerings and services across the entire MENA region and beyond. »
The UAE has stated its aim to recruit the largest businesses specialized in cryptocurrencies and fintech in general, and it appears to be off to a promising start.
Indeed, Binance is not an unusual situation; FTX, Sam Bankman-platform, Fried’s said last month that it had secured a digital asset license in Dubai and wanted to establish a regional office there as well. The Bybit exchange, which has over 5 million registered customers, has recently acquired a preliminary agreement to operate in Dubai.
To give you an idea, the digital economy presently contributes for 4.3 percent of the UAE’s GDP, or around $272 million.