Bitcoin exchange Binance is preparing to launch payment and trading services based on licenses obtained in Dubai and Bahrain, South China Morning Post reports.

Binance regional head said the company is working with local banks, hiring staff and compliance specialists. MENA Richard Ten. Customer service will begin in June,” he said.

The exchange plans to offer a full range of services, including payments and payments. NFTsTeng noted:

“Cryptocurrency trading is just one of the business areas we can deploy in the region. There are many other opportunities besides trade.”

A license from Dubai Virtual Assets Regulator will initially allow Binance to offer services to qualified investors and financial institutions.

In the future, the company will be able to offer its products to retail consumers. According to Ten, despite the concerns of the regulators, their participation is extremely important to the development of the crypto industry.

“There is a difference between market risk and fraud risk. The latter, which is also inherent in traditional finance, should be the focus of regulators. “It is extremely difficult to hedge against market risk – it is better to leave investors the opportunity to make their own informed decisions,” said Binance CEO Changpeng Zhao.

In April, the exchange received approval in principle from the Abu Dhabi Global Market Financial Services Authority to operate as a virtual asset broker-dealer.

In May, the French Financial Market Supervisory Commission granted Binance a license as a digital asset market service provider.