• February 27, 2024

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Binance is Granted a License in Dubai

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Crypto exchange Binance has received a license to provide crypto services in Dubai (UAE).

The virtual asset license will allow the trading platform to operate its business in the Middle East from Dubai.

The exchange has been authorized to provide limited exchange-traded products and services to qualified investors and professional financial service providers.

According to Chainalysis, from July 2020 to June 2021, the volume of crypto transactions in the UAE amounted to approximately $26 billion, making it the third largest digital asset market in the Middle East only after Turkey and Lebanon.

Binance had earlier received a license as a crypto asset service provider in Bahrain. It is worth noting that the UAE has issued a similar permit to crypto derivatives exchange FTX.