Binance to launch regulated crypto platform in the Middle East in June

The Bitcoin exchange Binance is preparing to launch payment and trading services based on licenses issued in Dubai and Bahrain, according to South China Morning Post.

The company is working with local banks, is hiring staff and compliance professionals, according to Binance’s regional head for the Middle East and North Africa MENA Richard Teng. According to him, customer services will begin in June.

The exchange plans to offer a full range of services, including payments and NFT, said Teng:

“Trading cryptocurrencies is only one area of business we can deploy in the region. Beyond trading there are many other opportunities.”

The license from the Dubai Virtual Assets Regulatory Authority will initially allow Binance to offer services to qualified investors and financial institutions.

In the future the company could open access to its products to retail customers. According to Teng, their involvement is crucial for the development of the crypto industry, despite regulatory concerns.

“There is a difference between market risk and the danger of fraud. The latter is inherent in both traditional finance and should be the focus of regulators. It is extremely difficult to implement measures against market risk — better to leave investors with the ability to make their own informed decisions,” says Binance CEO Changpeng Zhao.

In April, the exchange received preliminary approval from the Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate as a broker-dealer for virtual assets.

In May, the French financial markets regulator granted Binance a license as a provider of services in the digital-asset market.