Binance, the world’s biggest cryptocurrency exchange, has announced plans to introduce payment and trading services in Dubai. It intends to establish its first office in the Middle East before returning to France.
Binance is a Middle Eastern electronic platform
The exchange is collaborating with local banks and hiring country managers and compliance officials in Dubai and Bahrain in advance of the service’s launch in early June. Binance is thinking forward. The objective is to provide a comprehensive set of services that will enable full participation in the creation of Web 3, a future version of the internet based on blockchain technology and decentralization.
“Regulators in the Middle East region see that supporting the development of crypto-assets is crucial in developing the Web 3 ecosystem. Cryptocurrency trading is just one of the business areas. We can roll out the business in the region, and there are so many other opportunities beyond trading.” said Richard Teng, regional head for the Middle East and North Africa, is based in Dubai.
Binance recruited Teng, the former CEO of Abu Dhabi Global Markets, the city’s international financial center, to handle operations in the Middle East in December, accelerating the company’s expansion into the region.
Binance has said that it aspires to have a 24-hour trading volume of around $76 billion. According to a license from the Virtual Assets Authority, an industry-specific regulator, Binance will first provide its services to qualified investors and financial institutions in Dubai before expanding to include normal investors over time.
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