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binance abu dhabi

Binance pulls out of licence application in Abu Dhabi

Global cryptocurrency exchange Binance has withdrawn its licence application from Abu Dhabi Global Market, the main regulator in the UAE capital, but still wants to join an international exchange in Dubai. The troubled crypto operator withdrew its application on November 7, according to the regulator’s website. “While assessing our global licensing needs, we decided this […]

The UAE is proving attractive to blockchain companies

Tax-friendly UAE beckons blockchain businesses 

The UAE is becoming a preferred destination for blockchain technology companies, ranking third globally as a crypto centre, according to a survey. Immigration consultancy Henley & Partners used six criteria to arrive at a global ranking and placed Singapore first because of its government’s close cooperation with banks, businesses and the public in developing its […]

Former Binance CEO Zhao Changpeng in Paris last year. He will pay $50m as part of a $4.3bn settlement following a US money-laundering investigation into the cryptocurrency platform

Binance scandal won’t rock UAE but clarity is needed

Industry experts have told AGBI that the UAE needs to address some of its own internal challenges if it is to realise its ambitions to become a global cyptocurrency player. Former Binance CEO Changpeng Zhao’s guilty plea as part of a $4.3 billion settlement with US anti-money laundering authorities is unlikely to lead to major […]

UAE Revolut

UK fintech firm Revolut sets up in UAE

The British fintech firm Revolut is expanding to the UAE in what experts believe is the start of a wave of similar UK companies setting up in the region. The digital platform, which offers banking and trading services through an app, is recruiting for legal and strategy roles in Dubai. The company has hired Jonathan […]

Companies may face financial sanctions – and worse – for operating cryptocurrency without a licence Video length: 06:16

UAE to clamp down on unlicensed crypto operators

Unlicensed cryptocurrency operators in the UAE may face civil and criminal penalties, according to the anti-money laundering division of the UAE Central Bank. Companies, owners and senior managers could also face financial sanctions. The UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee issued the directive this week. The […]

As inflation soars and the Turkish lira plunges, Turks are seeking stability in cryptocurrency, making it the 12th biggest global market cryptocurrency payment in Turkish restaurant Turkey

Turkey embraces crypto amid currency woes

Turkey has emerged as a significant player in the global crypto market, with $170 billion flowing into the country over the past year, ranking it 12th in the world, higher than markets such as Germany, Russia and Canada. The Chainalysis Global Crypto Adoption Index said the surge can be attributed to Turkey’s currency challenges and […]

Traders at the Qatar Stock Exchange. The country's cryptocurrency legislation is expected early next year

Qatar makes belated entry into crypto tokens market

Qatar’s financial regulators have proposed a new digital assets framework which seeks to regulate investment tokens. In contrast to its Gulf neighbours like the UAE and Bahrain, which have opened their doors to global cryptocurrency exchanges, Qatar has maintained a ban on trading. But legal insiders say Qatar’s delayed entry into the virtual assets arena […]

Dubai's Virtual Assets Regulatory Authority said that Bored Gen DMCC, the company behind Islamic Coin, lacks proper licensing

Dubai regulator halts unapproved crypto sale

Dubai’s Virtual Assets Regulatory Authority has halted the sale of Islamic Coin (ISLM), a crypto token touting its adherence to sharia and ethical principles. The intervention demonstrates the emirate’s balance of innovation and regulatory oversight, say legal insiders. In a market alert, Virtual Assets Regulatory Authority (Vara) highlighted that Bored Gen DMCC, the fintech software […]

Shark Tank personality and investor Kevin O'Leary believes the UAE could be a crypto hub

Shark Tank’s O’Leary touts Abu Dhabi as crypto centre

Venture capitalist Kevin O’Leary believes Abu Dhabi could soon eclipse the US as the global centre of crypto innovation. While regional insiders told AGBI they agreed the UAE is set to be a significant digital assets hub, they said overtaking the US remains a tall order. In a Fox Business interview this week, O’Leary said […]

Cryptocurrency financial crime UAE Video length: 03:43

Crypto trading fuels financial crime in the UAE

The rise in the use of cryptocurrencies in the UAE has resulted in an increase in financial crime, according to a Dubai lawyer. “Cryptocurrency has given money launderers a feature that they have dreamt of – secrecy,” Maroun Abou Harb, an associate at law firm BSA, said during an exclusive video interview with AGBI. “This […]

Saudi share fraud

Saudi regulator issues $319m in fines for share fraud

Saudi Arabia’s financial regulator has convicted 17 people of manipulation and fraud for trading shares in the kingdom’s largest property developer. The group has been hit with fines amounting to hundreds of millions of dollars, when the value of gains they have been ordered to return are included.  The Saudi Capital Markets Authority (CMA) on […]

The free trade agreement was signed in May 2022 by the two countries' economy ministers: Orna Barbivai of Israel and the UAE's Abdulla bin Touq Al Marri

Gem of a deal: how Accords unified UAE and Israel

It is almost three years since the Abraham Accords brought together the UAE and Israel in a partnership in which trade was always central to the proposition. Amir Hayek, a former president of Israel’s hotel association, was appointed Israel’s ambassador to the UAE in a nod to the importance of economic diplomacy. A free trade agreement […]

DMCC CEO Ahmed Bin Sulayem

DMCC ‘well placed’ for more trade with Ukraine and Iran

Trade and enterprise freezone the Dubai Multi Commodities Centre is looking to forge closer trade ties with both Ukraine and Iran to take advantage of the countries’ growing trade appetite.  “Dubai is well placed to benefit from Saudi and Iran’s recent decision to resume diplomatic relations given the large number of Iranians living in Dubai […]

Cryptocurrency US UAE

UAE to benefit from US cryptocurrency brain drain

Tightening regulations in the US to bring cryptocurrency and digital assets operators to heel could see talent and investment turn to the UAE. The US Securities and Exchange Commission (SEC) has been targeting the cryptocurrency industry, which its chair Gary Gensler referred to as a “Wild West”. At the same time the UAE is welcoming […]

Antoni Trenchev, co-founder of Nexo, says they manage $3 billion of transactions each day

UK crypto lender Nexo to set up in Emirates

UK-based crypto lender Nexo is opening offices in the UAE as it looks to grow its Middle East business to 30 percent of its total global operations. The company, which has five million users across 200 jurisdictions, is setting up in Dubai where a workforce of 150 will be recruited, according to MD and co-founder […]

The collapsed FTX exchange had secured approval from Dubai's Virtual Assets Regulatory Authority last July before it collapsed. Its former chief executive Sam Bankman-Fried is now facing fraud charges

Expert calls for crypto regulatory loopholes to be tightened

The UAE must close potential loopholes between cryptocurrency regulations established by competing financial free zones, a senior industry figure has highlighted. Different rules in Dubai and Abu Dhabi and a lack of a single federal regulator pose challenges, said Wai Lum Kwok, senior executive director of authorisation at the Financial Services Regulatory Agency at the […]

ICD Brookfield Place opened in September 2020 at the DIFC

Dubai preps office projects to ease supply squeeze

Dubai needs a fresh wave of office development, analysts have said, to plug a shortage of prime space that could hinder the government’s efforts to attract more companies to the UAE.  “The big story in Dubai’s office market is the shortage of grade A office space,” said Faisal Durrani, head of Middle East research at […]

'We’re already working on a product paper looking at how to work with crypto and digital assets,' says Srinivasan Sampath, chief technology officer at FAB

First Abu Dhabi Bank to launch crypto services

First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […]

Crypto exchange auBinance has held workshops with Dubai Police and authorities across the GCC to increase learnings around crypto crimedit and investigations departments are tackling crypto transaction crimes

Binance focuses on security as crypto crimes hit $20bn

Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […]