Binance and FTX Expansion Effort Begins Making Progress to Arab Gulf Countries

An effort to expand to the Arab Gulf Countries, which is one of the goals of many large stock exchanges, has begun. In particular, some situations arise in this regard.

• -Binance is making some efforts to operate as a crypto asset service provider in Bahrain. This work appears to be licensed.
• – One of Binance’s competitors, FTX, is moving towards digital asset exchange in the United Arab Emirates with its recent license purchase.

These critical movements carried out by large stock exchanges continue as the focus of people’s curiosity. Binance will need to obtain a license from the Central Bank of Bahrain to fulfill its role as a crypto asset service. It will also be important to be in the member state of the Gulf Arab States Cooperation Council, where this role will take place. According to the Binance CEO, this license will lead to advances in terms of the company’s global position. It is also stated that it will be a logical step, especially for the expansion strategy.

Rivalry Between FTX and Binance Continues Rapidly

The purpose of Binance with the licenses obtained is to meet the strict criteria of the Central Bank of Bahrain by preserving its important financing policies. In this way, policies such as strong money transfer of users will be best met.

• -Also, like Binance, FTX aims to establish a regional center in Dubai. For this reason, it is on the way to achieving its goals by obtaining a digital asset exchange license. In this way, the opportunity to expand to Dubai will be obtained. In addition, the company will be able to start work on the virtual realization of asset exchange and clearing center services in Emirates. In addition, according to the statements of the CEO of FTX, a plan is being created to launch crypto derivative products in Dubai.

It is also evident that crypt-oriented businesses will enter the financial system in Dubai. It has started preparations for the Dubai financial system, which is ready for these businesses. In addition, with FTX and Binance turning to Arab Countries, the expansion policy is progressing rapidly. Many companies have also started to make progress by examining these policies. With the licenses obtained over time, the progress of the companies will be revealed with explanations. It is awaited in curiosity what kind of way the rival companies will follow regarding the situation.