If Abu Dhabi’s full license is successful, the exchange said it could offer its virtual asset services to customers across the MENA region through a subsidiary, Binance (AD) Ltd. It marks a push for the company to expand its presence in the Gulf, following approvals in Bahrain and Dubai.
“Binance has been actively involved in global regulators, such as ADGM, as part of its ongoing commitment to maintaining global standards and collectively fostering the development and sustainable growth of the cryptographic ecosystem,” Teng said.
The United Arab Emirates, in particular, has become a preferred jurisdiction for cryptographic exchanges. FTX, one of Binance’s major competitors, received a Virtual Asset Service Provider (VASP) license in Dubai last month. BitOasis, the first recognized VASP in the country, also obtained interim approval from the regulatory body. Bybit and Crypto.com are also expanding their presence.
Changpeng ‘CZ’ Zhao, co-founder and CEO of Binance, said late last month that Dubai will be its base for the “foreseeable future” and that by “any common interpretation” it is the company’s headquarters. Many of the company’s employees will follow suit to move to the city full of skyscrapers in the coming months, he said.