Binance, FTX Expand To Arab Gulf States With New Licenses
Major exchanges are intensifying their efforts to gain a foothold in the Arab Gulf States, and the regulators there seem to be more welcoming these days -- specifically, Binancehas secured a license to operate as a cryptoasset service provider in Bahrain, while its rival FTX recently received a digital asset exchange license in the United Arab Emirates.
Binance getting its license from the Central Bank of Bahrain (CBB) will allow the company to obtain its first permission to perform the role of a cryptoasset service in a member state of the Cooperation Council for the Arab States of the Gulf (GCC).
This latest license is a milestone in the firm’s strategy to expand its global position, according to Changpeng Zhao, Founder and CEO of Binance.
“Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world,” he said.
Binance strived “to meet the stringent criteria of the Central Bank of Bahrain," both locally and globally by ensuring that they "meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies," Zhao added.
Meanwhile, FTX secured a digital asset exchange license in Dubai where it aims to establish a regional headquarters.
For FTX’s European subsidiary which will hold the license, the expansion into Dubai will enable the firm to launch its virtual asset exchange and clearinghouse services in the Emirates.
Sam Bankman-Fried, CEO of FTX, said that the company planned to launch complex crypto-derivatives products in Dubai, relying on centralized counterparty clearing to institutional markets.
Earlier this month,
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