After bitcoin climbed above $93,000 today — another all-time high — some traders are speculating that Gulf oil money could be behind the currency’s record-breaking rally.

This week, a rumor began circulating that Middle Eastern petrostates Saudi Arabia, United Arab Emirates (UAE), or Qatar might be buying bitcoin at a sovereign level. Some speculators believe they will announce their purchases in a few weeks at a major conference in Abu Dhabi.

Bitcoin conference organizer BTC Inc., which hosted Bitcoin 2024 in Nashville, is set to welcome attendees to a satellite conference in Abu Dhabi, UAE on December 9-10.

David Bailey got Trump. Can he get MBS?

David Bailey, the conference host and CEO of Bitcoin Magazine who personally arranged for President-elect Donald Trump to speak at Bitcoin 2024, cryptically tweeted today that “the United States is being front run on its bitcoin strategy and must stand up the SBR [Strategic Bitcoin Reserve] as quickly as possible.”

Read more: Trump win sends Bitcoin price to all-time high — and boosts 8 key metrics

Fans of his political maneuvering are hopeful that he might be able to get Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan of the UAE, or the Emir of Qatar Tamim bin Hamad Al Thani.

Many investors are discussing the possibility that Saudi money is flowing into bitcoin. Saudi Arabia isn’t only the largest petrostate in the Gulf but is of particular interest today after the market capitalization of bitcoin flippened Saudi Aramco, the world’s largest oil company.

UAE is another guess, not only because of its vast oil wealth but also because of the location of December’s Bitcoin conference: Abu Dhabi.

A third Gulf petrostate, Qatar, is a perennial guess for sovereign investment in bitcoin, with recirculating chatter the past few weeks.

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Dubai’s crypto regulator is cracking down on BitOasis, a major crypto exchange for Middle Eastern customers, for failing to meet required conditions. As the UAE sets a precedent for increased scrutiny, hopes of gaining a license look dim for troubled crypto exchange Binance.

Founded in Dubai in 2016, BitOasis was the first to receive Dubai’s “minimum viable product operational license” in May. It allowed the firm to offer broker-dealer crypto services “to qualified retail and institutional investors from its Dubai HQ under VARA’s regulatory regime,” according to a BitOasis statement.

However, Dubai’s Virtual Assets Regulatory Authority (VARA) issued a market alert on Monday stating that BitOasis was under review. It didn’t specify how the firm hadn’t met “mandated conditions,” but BitOasis now has to satisfy the regulator’s demands “within 30-60 day timeframes” before it can conduct market activity in Dubai.

If BitOasis fails to comply, the firm could risk losing its license, VARA warned. A BitOasis spokesperson said it’s working closely with the regulator to ensure this doesn’t happen.

Read more: Scoop: Major crypto arbitrage fund says Binance US discounts aren’t worth risk

Dubai scrutiny of BitOasis bad for Binance

VARA’s crackdown comes amid the UAE’s increased efforts to attract crypto business to the region. It decided to regulate the crypto industry at the end of 2022.

Crypto firms like Binance are eyeing the country as the next hub for their operations. Binance chief Changpeng Zhao reportedly lives in Dubai — the firm submitted an application to register in the region. However, VARA requested more information into Binance’s ownership structure, governance, and auditing procedures at the start of April.

With BitOasis under scrutiny, Binance’s hopes of receiving a license in Dubai becomes less likely — after all, the firm is in hot water with regulators across the US, EU, and Australia.

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Crypto companies looking to offer services in the United Arab Emirates can now apply for a license with the country’s securities regulator, according to an announcement released on Monday.

The UAE’s Securities and Commodities Authority (SCA) said that it has officially begun accepting applications by virtual asset service providers (VASPs), which is now required by law. The move comes shortly after the country decided to regulate the crypto industry at the end of 2022. The SCA absorbed regulatory responsibilities for crypto on February 1.

The announcement states that all companies, except those already licensed in financial free zones, must submit an application to apply for a license from the SCA — but all companies operating in Dubai must obtain a license from the city’s regulatory authority (VARA) in addition to seeking SCA approval.

Crypto firms like Binance are eyeing the country as the next hub for their operations. Binance chief Changpeng Zhao (CZ) reportedly lives in Dubai, wherein he hopes to establish Binance following scrutiny in the US, Australia, and elsewhere.

However, the UAE’s decision to regulate the industry has already impacted these hopes — at the start of April, Dubai requested more information from Binance into ownership structure as well as governance and auditing procedures, regarding its application.

Read more: From the US to Australia, regulatory knot around Binance tightens

According to the SCA, any cryptocurrencies traded in the country must be first accepted into its official list of tradeable assets.

UAE-based blockchain lawyer Irina Heaver, who spoke to Cointelegraph in January, said companies who choose to operate illegally in the country could face fines of up to 10 million AED ($2.7 million) as well as criminal charges.

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