Binance is getting ready to launch its crypto trading platform across jurisdictions in the Emirates by June 2022
Binance Gets Ready To Launch In Emirates
As part of its efforts to grow in the Middle East, Binance is getting ready to launch its full-stack, regulated cryptocurrency trading platform in the Emirates.
SCMP says that the service might start as soon as June 2022. According to the report, CZ’s exchange is working with local banks and hiring compliance experts all over the Emirates to make sure the platform is in line with the rules that are already in place.
Richard Teng, the company’s regional head for the Middle East and North Africa, said that CZ’s exchange wants to help spread the use of cryptocurrencies in the area and build the UAE’s growing digital economy.
Regulators in the Middle East region see that supporting the development of crypto assets is critical in developing the Web 3 ecosystem. Trading cryptocurrencies is just one of the business areas that we could deploy in the region, and there are many more opportunities besides trading.
Binance Have Permission To Operate
Changpeng Zhao’s company has already gotten permission from Dubai’s Virtual Asset Regulatory Authority (VARA) to give investors access to digital assets.
Around the same time, the biggest exchange in the world also got a crypto license from Bahraini market regulators.
EWN said in April that Abu Dhabi also gave CZ’s exchange permission to be a broker-dealer for digital assets. The news was another big step forward for the company as it works to meet regulations and get a foothold in the region.
After French regulators gave the exchange a Digital Asset Service Provider (DASP) license, CZ’s company is also looking at Europe.
The CEO also said that a crypto license in Germany could be the next step in the company’s plan to grow in Europe.