This year will be remembered by the Binance bosses after successfully expanding their wings in the Middle East. The reason is, that Binance was rejected in several major countries in Asia and Europe, but now the largest crypto exchange company in the world can smile broadly.
Some time ago, Binance was greeted by the red carpet by Abu Dhabi regulators. The company said it was granted approval by the Financial Services Regulatory Authority of Abu Dhabi Global Markets to operate as a broker-dealer in digital assets.
Binance even plans to help Abu Dhabi become a virtual asset service provider city.
Previously, Binance had also received the green light from the state of Bahrain after the country’s central bank approved the operation of Zhao’s company.
Binance has been trying to push its expansion into the Middle East market after getting a cold reception in several other countries.
UK, regulators are restricting Binance, banning it from conducting regulated activities. In Singapore, Binance also restricted its services after the country’s central bank warned against violating local payments laws.
response to his activities being restricted in some places, Binance CEO Changpeng Zhao said in a tweet on Twitter that they were not shunned anywhere else.
“Not shunned anywhere else and more to come,” he wrote.
Previously, Binance was noted for its tendency to operate independently of local regulations. The head of the company to date is proud because it does not have an official head office.
However, in response to pressure from global regulators, Binance has changed tack, saying it wants to be a regulated business. The company is currently evaluating where to set up its main office.
Several crypto companies, including Crypto.com and FTX, have also started looking to Gulf countries such as the UAE as a destination for establishing companies.