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Binance gets a nod to Abu Dhabi crypto as billionaire CEO touts UAE

If the full licensing for Abu Dhabi – the capital of the United Arab Emirates – is successful, the exchange said it could then offer its virtual asset services to customers in the Mena region through a subsidiary, Binance (AD) ltd. the company to expand its presence in the Persian Gulf, following approvals in Bahrain and Dubai, the commercial capital of the United Arab Emirates.

“Binance has actively engaged global regulators, such as the ADGM, as part of its ongoing commitment to upholding global standards and collectively fostering sustainable crypto ecosystem developments and growth,” Teng said.

The United Arab Emirates, in particular, has become a preferred jurisdiction for crypto exchanges. FTX, one of Binance’s main competitors, received a virtual asset service provider (VASP) license in Dubai last month.

BitOasis, the first VASP to be recognized in the country, has also obtained tentative approval from the regulatory body. Bybit and Crypto.com are also expanding their presence.

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Changpeng ‘CZ’ Zhao, co-founder and CEO of Binance, told Bloomberg late last month that Dubai will be its home base for the “foreseeable future” and that by “any common interpretation it is the seat of of the society.

Many of the company’s employees will follow his lead by moving to the skyscraper-studded city in the coming months, he said.

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