Binance mulls Middle East expansion

One of the world’s largest crypto exchanges is considering deepening its presence in the Middle East amid growing regulatory issues elsewhere.

Binance was granted a minimal viable product licence by Dubai’s Virtual Assets Regulatory Authority (Vara) back in September.

However, the exchange has had less success seeking licences in other jurisdictions. Binance recently deregistered in the UK after failing to secure a licence. It is also facing two civil lawsuits in the US from the Securities and Exchange Commission and Commodity Futures Trading Commission, respectively.

Comments from Binance Dubai general manager Alex Chehade suggest that the crypto firm will be turning east in search of a home.

“Binance is here in the UAE because we have been given the surety that we can set up operations and build for the future,” he said.

“You don’t want to set up where the goalposts move. For big businesses, you need predictability, you need to plan and you need to budget.”

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