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Binance in Talks to Obtain Dubai License Amid Middle East Push: Report

The move comes as Dubai adopts its first law governing virtual assets.

Updated May 11, 2023, 6:00 p.m. Published Mar 9, 2022, 2:46 p.m.

Binance Holdings is in talks to obtain a license to operate in Dubai, Bloomberg reported Wednesday, citing a person familiar with the matter.

The crypto exchange, the world’s largest by trading volume, is in talks with the Dubai World Trade Centre free zone to acquire a license to operate as a virtual asset service provider, according to Bloomberg’s source.
In December, Binance signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to help establish Dubai as a new industry hub for Global Virtual Assets.
In a tweet on Wednesday morning, Binance CEO Changpeng Zhao praised Dubai’s adoption of its first law governing virtual assets, which included establishing a regulator to oversee such assets. “Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward,” Zhao wrote.

Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward. https://t.co/qIMFjMiSUv
— CZ 🔶 Binance (@cz_binance) March 9, 2022

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Binance has already received preliminary approval from Bahrain’s central bank to become a crypto asset service provider there, according to Bloomberg.
Binance did not immediately respond to a request for additional comment.

Binance Dubai Regulation

Michael Bellusci

Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.