The world’s biggest crypto exchange is readying its first headquarters in the Middle East, and will be offering payment and and trading services in Dubai and Bahrain as soon as June, according to a report in SCMP.
As part of its plans to expand in the region, Binance is currently working with local banks and recruiting country managers and compliance officers, SCMP reported, citing Dubai-based regional head of Middle East and North Africa Richard Teng.
Under fire from regulators globally, including Singapore, where it was forced to stop offering services following a regulatory crackdown, the bourse has instead turned its gaze towards the Middle East.
“Regulators in the Middle East region see that supporting the development of crypto assets is critical in developing the Web3 ecosystem,” said Teng, echoing the sentiments of many figures in the crypto community.
Singapore crypto exchange Bybit previously said it will open its global headquarters in Dubai, whilst Crypto.com also announced it would build a regional hub there.
Binance founder Changpeng “CZ” Zhao bought his first home in Dubai in November 2021 and a month later signed a cooperation deal with Dubai World Trade Centre Authority, which is working to set up an international virtual asset ecosystem.
Dubai implemented its first law to regulate virtual assets whilst establishing the Virtual Asset Regulatory Authority (VARA) earlier in March.
Teng, who’s spent time at Singapore Exchange and the Monetary Authority of Singapore, was previously Binance Singapore’s CEO, before taking on the new role in late 2021, amid the crypto bourse’s retreat from the city-state. ABinance also brought on board execs with close ties to the Middle East – Mark McGinness and Matt Gamble, formerly from the Dubai Financial Services Authority and Abu Dhabi Global markets, respectively.