Binance expands its presence in the Middle East, and the company’s CEO says more is coming.
Leading cryptocurrency exchange Binance has received a provisional approval from Abu Dhabi’s financial regulator. This development deepens the company’s presence in the Middle East following its earlier expansion into Bahrain.
Binance announced over the weekend that it had obtained a principles-based approval from the Abu Dhabi Global Market’s Financial Services Regulatory Authority. The approval allows Binance to operate as an intermediary and reseller of digital assets in the jurisdiction.
The exchange said the latest step moves it closer to becoming a fully regulated virtual asset service provider in Abu Dhabi.
Abu Dhabi is the second emirate in the United Arab Emirates where Binance has gained regulatory acceptance, after receiving a crypto licence in Dubai last month.
Binance’s CEO, Changpeng Zhao, has stated that “more is coming,” indicating the exchange plans further expansion across additional markets in the Middle East.
Facing strict regulatory environments in parts of Europe, Binance has shifted strategic focus toward the Middle East and Africa. Last year the company faced restrictions in the United Kingdom and received warnings in several other European countries including the Netherlands, Portugal and Spain.
Binance also scaled back services in Singapore and Hong Kong after receiving alerts that some activities could conflict with local payment regulations.
In China, Binance ceased cryptocurrency trading operations after the country enforced an effective ban on such activities. While Binance initially allowed Chinese users to trade via peer-to-peer platforms, it ultimately suspended those services following Beijing’s most recent rules issued late last year.
Despite regulatory headwinds, Binance remains the world’s largest cryptocurrency exchange by trading volume. The platform currently handles over $19 billion in daily trading volume, significantly outpacing competitors such as Coinbase, Crypto.com, FTX and OKX, each of which processes under $5 billion in daily volume.