Binance Secures Licence in Dubai, Eyes Return to Indian Market and Global Headquarters Location

Binance Scores Big with Dubai Licence, Eyes Return to Indian Market

In a surprising turn of events, cryptocurrency exchange giant Binance has secured a licence for full operations in Dubai, marking a major milestone for the embattled company. This news comes on the heels of reports that Binance may also be making a comeback in the Indian market, after being banned earlier this year.

According to the Economic Times, Binance will need to pay a hefty fine of $2 million to re-enter the Indian market, following the government’s decision to block the exchange and eight other offshore crypto platforms in December. The Indian government has since mandated that crypto exchanges comply with anti-money laundering rules and register with the Financial Intelligence Unit.

Despite these challenges, Binance seems to be on a path to redemption as it celebrates its licence approval in Dubai. The company’s CEO, Richard Teng, emphasized the importance of working with global regulators to uphold industry standards and rebuild the exchange’s reputation.

Binance has been operating under a provisional licence in Dubai since August, catering only to institutional clients. Teng has indicated that the company’s base in Dubai serves as a hub for the Middle East and North Africa regions. In 2022, Binance reportedly recruited over 100 positions in the United Arab Emirates and played a role in shaping Dubai’s virtual asset regulations.

As Binance looks to establish a physical headquarters, Teng is in the final stages of selecting a location, with a few undisclosed jurisdictions in the running. This decision comes as the company’s former CEO, Changpeng Zhao, faces legal troubles in the US for alleged money laundering violations.

With its sights set on global expansion and regulatory compliance, Binance’s recent achievements signal a potential turnaround for the once-controversial exchange. Stay tuned for more updates on Binance’s evolving journey in the crypto world.