The company’s CEO, Changpeng Zhao, said on Twitter that Binance is looking to set up a “fiat-to-crypto” exchange in the region.
The foremost cryptocurrency exchange Binance receives the go-ahead from the Gulf State authorities.
This latest development sees the firm strengthen its presence in the Middle East following its previous expansion into Bahrain.
Binance announced on Sunday that it has been granted permission in principle by Abu Dhabi Global Market’s Financial Services Regulatory Authority.
This approval allows Binance to act as a broker-dealer for digital assets in the region.
The firm’s presence in the Middle East is part of a larger global expansion strategy.
The firm has been rapidly expanding its operations and now has a presence in over 180 countries.
The move into the Middle East is a logical for Binance considering the increasing interest in cryptocurrency in the region.
The Gulf state of Dubai, for example, is home to several crypto startups and exchanges.
Binance will no doubt be looking to tap into this growing market.
The United Arab Emirates’ second city, Abu Dhabi, has given Binance the go-ahead after it received a cryptocurrency license in Dubai last month.
In the light of these, Binance CEO Changpeng Zhao states that more is to come.
Meaning that the cryptocurrency service provider plans to expand into more territories in the Middle East.
After an operational restriction in the UK last year, coupled with some difficult control conditions from some European nations.
The crypto exchange begins to shift its focus to the Middle East and Africa.
In addition, the firm receives warnings in a few other European countries, including The Hague, Spain, and Portugal.
Furthermore, Binance limits its operations in Singapore and Hong Kong after receiving warning that it might violate local payment laws.
Binance closed its operations in China country following a ban on crypto activities in the country.
However, the firm grants its Chinese clients to leverage its peer-to-peer platform.
Despite the difficulties, Binance remains the world’s leading cryptocurrency exchange.
Binance currently has a daily trading volume of over $19 billion, significantly ahead of Coinbase, Crypto.com, FTX and OKX, which all have daily trading volumes less than $5 billion.
Still on the subject of the company’s performance.
Amid all these challenges, Binance still managed to turn a profit of $200 million in the first quarter of 2018.
Since then, the profit margin is always on the increase making it a major player in the crypto exchange industry.
Binance CEO, Zhao states that the company is just beginning that more is yet to come.
The CEO went on to say that Binance’s future objective is to be “the financial infrastructure for the blockchain ecosystem.”
He believes that Binance can help with the development and adoption of blockchain technology and digital currencies.
With its latest expansion, Binance is cementing its position as one of the leading cryptocurrency exchanges in the world.
Binance is also one of the most popular exchanges, with a 24-hour trade volume of $19 billion.
The exchange has very low fees, and it also offers users several discounts if they use Binance’s token, BNB.
Binance also plans to launch its decentralized exchange, Binance DEX, later this year.
The expansion into the Middle East is part of Binance’s plan to expand its presence in key markets around the world.
The company already operates in Europe, Asia, and Africa.
The Binance team is also working on setting up a fiat-to-crypto exchange in Malta.
This will allow users to participate in cryptocurrencies activities in that country.