Earlier this year, Binance celebrated after acquiring a cryptoasset service provider license in Bahrain, the first one of its kind issued to Binance by a member of the Gulf Cooperation Council (GCC). A few days later, the exchange announced it had won approval to carry out similar operations in Dubai.
Now, head of Middle East and North Africa regions at Binance, Richard Teng, announced that the exchange was getting ready to launch a trading platform in Bahrain and the UAE, further cementing Binance’s commitment to boost its presence in the Gulf region.
“Trading cryptocurrencies is just one of the business areas that we could deploy in the region, and there are many more opportunities besides trading,” Teng said, hinting at larger Web3-related projects Binance could get involved in.
Teng, a former CEO at Abu Dhabi Global Market, entered the crypto exchange as CEO for its Singapore branch. He was tasked with “complying with regulatory standards” and working “closely with industry leaders and policymakers,” among other things, Teng himself said when he first joined the company.