Binance is engaging the authorities of the Emirate of Dubai for a license to operate in the city amid friendly industry policies.
The crypto exchange is reportedly holding talks with Dubai World Trade Center free zone for approval to operate there.
The news follows the adoption of a law to regulate cryptocurrencies by the Dubai ruler and the establishment of an independent virtual asset regulatory and licensing authority.
The United Arab Emirates announced at the start of the year that it was planning to provide federal licenses for crypto service providers before the end of the first quarter.
Binance, currently the largest crypto exchange by trading volumes, recently obtained approval from Bahrain’s central bank to be a virtual asset service provider in the kingdom.
The UAE has become the third-biggest cryptocurrency market in the Middle East, behind Turkey and Lebanon, with transaction volumes topping $26 billion.
Source: Bloomberg
