Binance (BNB) settles in the Emirates and in particular in Dubai!

Already crowned with the title of the largest cryptocurrency exchange in the world, Binance is still multiplying initiatives to expand its representation. The exchange has this time set its sights on the Gulf States and in particular the United Arab Emirates (UAE) to set up its next headquarters there. The group has therefore entered into discussions with the country’s main regulators, hoping to obtain the necessary approval to implement their project. This is the group’s second expansion step after announcing the establishment of an official representative office in the UK. Explanations.

CZDubai

A move to demonstrate Binance’s commitment to regulation and compliance

In recent days, Binance has reiterated its intention to establish itself as a mature and regulated financial institution. Its CEO, Changpeng Zhao, said the exchange will Intensify permitting and compliance processes to establish multiple headquarters worldwide. The company’s recent releases also confirm CZ’s comments. In fact, the exchange recently met with officials from the Dubai Financial Services Authority as part of the establishment of its headquarters in the United Arab Emirates. Binance also polled the Abu Dhabi Global Market (ADGM) to outline the outline of its project.

In response, the ADGM indicated that the country favors the arrival of new projects and technological innovations. They also recalled that it has already created a framework for digital assets to attract and welcome fintech companies. “Our comprehensive regulatory framework for digital assets is designed for exchanges, custodians, intermediaries and related services. There are already a number of companies specializing in digital assets, and the ecosystem is growing rapidly“ Said in particular the ADGM.

Founding of a subsidiary in Great Britain

This year, Binance has had compliance issues with multiple regulatory bodies around the world. This was particularly the case in the UK, where the Financial Conduct Authority (FCA) had suspended the exchange’s activities. The latter in particular was accused Violation of the Anti-Money Laundering and Terrorist Financing Act.

In practice, the law provides for obtaining a license, which can only be granted to companies with an official head office in the country. Therefore, in order to iron out tensions with local authorities, the exchange has decided to open a subsidiary in the UK very soon to regulate its situation there.

At this time, UAE regulators have yet to formally approve Binance’s headquarters in the country. On the stock exchange side, however, there is optimism after the first statements by ADGM. Until then, Binance will continue its lobbying campaign with Dubai International Financial Center and Dubai Multi Commodities Centre.

Source: Coinquora

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Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in a few cryptos in 2017 only heightened my enthusiasm. I therefore decided to study and understand the blockchain and its many uses and use my pen to share information related to this ecosystem.

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