Crypto exchange Binance has recently announced it has received a license from the Dubai authorities to operate in the country as a virtual service provider.
The company CEO Changpeng Zhao has welcomed the decision and said:
“Binance is grateful to receive this license in such a convenient mode, focused on ensuring the safety of the market.”
The United Arab Emirates is positioning itself as a country striving to become a center for the development of blockchain tech. A Dubai government spokesman announced earlier this month that a regulatory body would appear in the city that would license crypto companies and supervise their work.
According to Bloomberg, the Binance management negotiated with Dubai and promised to work strictly within the framework of the UAE legislation.
Binance will only offer its services to qualified investors at first. However, if all the requirements of the regulators are met, then retail traders will also have access to the exchange’s services.