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Home»TRADING NEWS»OKX obtains Dubai license and Binance launches on Thai exchange
TRADING NEWS

OKX obtains Dubai license and Binance launches on Thai exchange

By Crypto FlexsJanuary 16, 20243 Mins Read
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OKX obtains Dubai license and Binance launches on Thai exchange
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OKX, one of the world’s largest exchanges, has obtained regulatory license in Dubai, marking its strategic expansion in the United Arab Emirates (UAE).

This move is in line with the UAE’s ambitions to become a global cryptocurrency industry player. This vision is also supported by the establishment of the Dubai Virtual Asset Regulatory Authority (Vara) in March 2022.

OKX Receives Green Light License for Dubai Expansion

Rifad Mahasneh, OKX’s General Manager for the MENA region, emphasized the importance of this expansion. Mahasne said:

“We see this as a game changer as we can now target both retail and institutional customers in the UAE and accept deposits and withdrawals in their local currency.”

He also spoke about the ongoing collaboration with Vara to meet certain conditions for the imminent launch.

Read more: OKX Review 2024: A comprehensive guide to the leading cryptocurrency exchange

These developments are not only a milestone for OKX, but also reflect broader trends. Many Indian cryptocurrency companies are relocating to Dubai. This exodus is due to a regulatory environment that stands in stark contrast to India’s stringent cryptocurrency regulations and high taxation.

Sumit Gupta, CEO of CoinDCX, commented on this trend:

“Many Web3 startups prefer Dubai or Singapore as hubs because they have regulatory clarity and certainty and greater community support.”

Binance launches Thailand-approved exchange

Meanwhile, Binance, another cryptocurrency powerhouse, is expanding into Southeast Asia by opening a digital asset exchange in Thailand.

Currently, Binance.th is an invitation-only platform. It is scheduled to be opened to the public in early 2024. The venture is in partnership with Gulf Energy Development. This signifies a significant expansion of Binance’s global presence with approval from the Securities and Exchange Commission of Thailand.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

However, expansion into Thailand is not without challenges. Cryptocurrency fraud has been a major concern in the country. This has led Binance to cooperate with Thai law enforcement agencies to combat these criminal activities.

The exchange played a key role in two major operations, including “Operation Trust No One.” The operation targeted ‘pig slaughter’ scams and resulted in the seizure of more than $277 million worth of assets.

The move marks a pivotal moment for the Asian cryptocurrency sector as OKX prepares to launch its services in the UAE and Binance sets its sights on Thailand.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.
This article was initially edited by advanced AI, designed to extract, analyze and organize information from a wide range of sources. We operate without personal beliefs, emotions, or biases and provide data-driven content. Articles have been meticulously reviewed, edited and approved by human editors to ensure relevance, accuracy and compliance with BeInCrypto’s editorial standards.

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