Can this help crypto retailers in the UAE?

[myself]

The article says: “The newly acquired VASP license permits Binance not only to cater to institutional and qualified investors but also to pioneer retail cryptocurrency trading.”
Do you think this will help resolve the crypto banking situation for retailers in the UAE?

Binance CEO Richard Teng: Binance Seals Valor in Dubai With Full Crypto License

Binance Holdings Ltd has triumphed in securing a highly coveted full crypto license in Dubai. The permit, confirmed by CEO Richard Teng in a Bloomberg interview. Binance FZE, the Dubai-based entity o

www.binance.com

 

[TheCryptoAnt]

Honestly, no.

Banks there are allergic to anything crypto related unless you have a priority (sometimes private) banking relationship and even then you have explain yourself and what you do to a bunch of people on the regular.

Personal experience.

Theres ways around this tho, but you have to plan tightly and honestly its just easier to use a bank that wont give you headaches.

 

[JackAlabama]

The article says: “The newly acquired VASP license permits Binance not only to cater to institutional and qualified investors but also to pioneer retail cryptocurrency trading.”
Do you think this will help resolve the crypto banking situation for retailers in the UAE?

Binance CEO Richard Teng: Binance Seals Valor in Dubai With Full Crypto License

Binance Holdings Ltd has triumphed in securing a highly coveted full crypto license in Dubai. The permit, confirmed by CEO Richard Teng in a Bloomberg interview. Binance FZE, the Dubai-based entity o

www.binance.com

not really. This is determined mainly by the central bank but mostly from the correspondence banking network of the usd.

 

[wellington]

Taiwan - Far Eastern Merchant Bank

They work with commercial crypto companies or companies that work in the Web3 space

Far Eastern International Bank - Far Eastern Group

To be a professional and exquisite financial service company in greater China area.

www.feg.com.tw

They have access to both SEPA and Swift but also have access to regional rails such as SGD rails etc

Good service - and speedy settlements

Also can get personal private and personal consumer focused banking.

 

[wellington]

The article says: “The newly acquired VASP license permits Binance not only to cater to institutional and qualified investors but also to pioneer retail cryptocurrency trading.”
Do you think this will help resolve the crypto banking situation for retailers in the UAE?

Binance CEO Richard Teng: Binance Seals Valor in Dubai With Full Crypto License

Binance Holdings Ltd has triumphed in securing a highly coveted full crypto license in Dubai. The permit, confirmed by CEO Richard Teng in a Bloomberg interview. Binance FZE, the Dubai-based entity o

www.binance.com

Just one thing of note - Binance these days much like other major crypto exchanges that have been targeted or have accessibility to the US will be honey pots for data gathering - best to look at some sort of off-chain confirmer to a consolidation wallet and cash out manually via domestic OTC or similar.

 

[uranium]

Taiwan - Far Eastern Merchant Bank

They work with commercial crypto companies or companies that work in the Web3 space

Far Eastern International Bank - Far Eastern Group

To be a professional and exquisite financial service company in greater China area.

www.feg.com.tw

They have access to both SEPA and Swift but also have access to regional rails such as SGD rails etc

Good service - and speedy settlements

Also can get personal private and personal consumer focused banking.

Do they onboard UAE company?

 

[PinkCat]

I hear UAE banks attitude toward crypto might change soon, anyone else heard something like that from reliable source? (mine is mostly rumour based)

 

[TheCryptoAnt]

Just one thing of note - Binance these days much like other major crypto exchanges that have been targeted or have accessibility to the US will be honey pots for data gathering - best to look at some sort of off-chain confirmer to a consolidation wallet and cash out manually via domestic OTC or similar.

In addition to this, Binance currently has NO fiat ramps, mfs tell you to use P2P lol
(For corporate, but retail doesnt have neither)

 

[PinkCat]

In addition to this, Binance currently has NO fiat ramps, mfs tell you to use P2P lol
(For corporate, but retail doesnt have neither)

P2P is an elegant solution to the ongoing issue of exchanges with banks. I'm surprised that more exchanges aren't doing it.

 

[JohnLocke]

I hear UAE banks attitude toward crypto might change soon, anyone else heard something like that from reliable source? (mine is mostly rumour based)

and in what direction it goes?

 

[JackAlabama]

I hear UAE banks attitude toward crypto might change soon, anyone else heard something like that from reliable source? (mine is mostly rumour based)

they cant decide that much, the usd correspondence bank do (and to way lesser extent the euro ones).

 

[PinkCat]

and in what direction it goes?

Considering the attitude now is negative, and there will be CHANGE, the only other direction is positive?

they cant decide that much, the usd correspondence bank do (and to way lesser extent the euro ones).

I'm doing crypto related transfer even now in USD and EUR with US and EU banks. So there ARE crypto friendly correspondence banks, but not UAE ones.

 

[TheCryptoAnt]

P2P is an elegant solution to the ongoing issue of exchanges with banks. I'm surprised that more exchanges aren't doing it.

yeah g try to P2P half a milli lets see how that goes lol

 

[PinkCat]

yeah g try to P2P half a milli lets see how that goes lol

Yeah not optimal for me, but the amounts you can do are fine for 95% of the people.

 

[JackAlabama]

Considering the attitude now is negative, and there will be CHANGE, the only other direction is positive?

I'm doing crypto related transfer even now in USD and EUR with US and EU banks. So there ARE crypto friendly correspondence banks, but not UAE ones.

well sure, why would they allow competition for others when its so easy to stop it

 

[PinkCat]

well sure, why would they allow competition for others when its so easy to stop it

Because there are hundreds of banks worldwide and not all of them think in unison. Some have specifically became crypto friendly to get a competitive edge over other banks.
Stopping is not as easy as you present it, in order to be effective most countries and banks should agree to act the same.