Global cryptocurrency exchange Binance Holdings Ltd. is set to bite a bigger share of the Middle Eastern market, as the firm is now discussing the idea to operate in Dubai.
A source familiar with the matter said Binance is in talks with the Dubai World Trade Centre free zone for the possibility of setting up a virtual asset service provider license to boost its presence in the Middle East.
The development comes as Dubai sets to attract cryptocurrency firms with the United Arab Emirates set to release federal licenses for virtual asset service providers by the end of March.
Binance earlier welcomed Dubai’s regulation of virtual assets, as Binance Head of MENA Richard Teng said the firm continues to work closely with the DWTC to make Dubai a progressive crypto regulatory environment.
Other firms are looking to boost their presence in the United Arab Emirates, which is the third-largest cryptocurrency market in the Middle East behind Turkey and Lebanon. It had a transaction volume of $26 billion from July 2020 to June 2021.
Binance officials have earlier entered talks to put up headquarters in the United Arab Emirates.
BTC is up 10.08%, ETH up 8.14%, and BNB up 4.45%.