The Bitcoin exchange Binance has obtained a licence to provide cryptocurrency services in Dubai, UAE.
We’re proud to announce that #Binance has expanded its presence in the Middle East, securing a license to operate in Dubai, UAE.
Read more ⬇️https://t.co/sN2bKLWTVd
— Binance (@binance) March 16, 2022
A licence for virtual assets will allow Binance to run its business in the Middle East from Dubai.
The trading platform has been granted permission to provide restricted exchange-traded products and services to qualified investors and professional financial-services providers.
According to Chainalysis, from July 2020 to June 2021, the volume of cryptocurrency transactions in the UAE amounted to about $26 billion, making it the third-largest market for digital assets in the Middle East after Turkey and Lebanon.
Earlier Binance received a licence as a provider of crypto-asset services in Bahrain. The UAE granted a similar licence to the bitcoin exchange FTX.
Earlier in March, Dubai authorities enacted a virtual-asset law and established a regulatory body.
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