Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 2025

Binance cryptocurrency exchange granted license to work with more Dubai investors

Binance cryptocurrency exchange granted license to work with more Dubai investors

Cryptocurrency trading platform Binance will now be able to expand its services in Dubai, as the emirate continues to ramp up efforts to draw in companies working with digital money.
The body that regulates companies providing digital asset services in Dubai – the Virtual Asset Regulatory Authority – has granted a new license to Binance which will allow it to offer its services to retail and institutional investors, state press agency WAM reported on Tuesday.

The license comes in part thanks to a new regulation set up in March this year by UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid which created the regulatory body, with the “legal framework established to protect investors and promote growth in the virtual asset industry,” WAM reported at the time.

Dubai in March granted a virtual asset license to Binance which allowed it to “extend limited exchange products and services to pre-qualified investors and professional financial service providers,” the business said in a statement at the time.

The new license now allows the company – which buys, trades and holds more than 350 digital currencies, according to its website - to “open a client money account with a domestic bank and benefit from new services,” according to WAM.

According to a recent report by accounting giant PwC, the UAE’s share in the global crypto market increased by 500 percent between July 2020 and June 2021, and there are reportedly more than 400 crypto businesses in the country.

The UAE’s crypto hub Dubai doesn’t actually accept cryptocurrency payments for goods, which means that if a buyer wants to purchase something using digital money, they must go to a so-called exchange house which converts it into Fiat currency – such as UAE Dirhams, or US dollars. Crypto exchanges in the UAE also include e-Toro, Coinbase and OKX.

But despite this, in a sign that the country’s efforts to draw in crypto-based business is working, companies involved in crypto payments are still moving over to the UAE to set-up shop.

“We've heard of businesses [and] we've heard of businesspeople traveling and moving to UAE because of these favorable regulations,” Kim Grauer Director of Research at Chainalysis – a platform that provides data on blockchain – the technology used to process and record crypto payments, told Al Arabiya English in a previous interview.

In March this year both Crypto.com and Bybit announced plans to open offices in Dubai. Crypto.com moved its regional headquarters to Dubai while Bybit moved its global headquarters to the emirate.

“Positioning itself as a global digital hub, authorities have been making efforts to transform its economy, embracing the latest fintech innovations while creating the necessary regulatory frameworks,” the company said in a blog at the time.

Binance cryptocurrency exchange to be allowed to provide services to retail investors.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
×