Binance will assist crypto exchanges and businesses to become licensed in Dubai in cooperation with the local government.
The world’s largest cryptocurrency trading platform, Binance, is among the first crypto exchanges to join a new crypto hub established by the Dubai World Trade Centre Authority (DWTCA).
Binance officially announced it signed a memorandum of understanding with the DWTCA the next day after the latter officially announced the launch of a comprehensive zone for crypto in Dubai on Dec. 20.
As part of its membership in the DWTCA’s initiative, Binance will help the authority outline the vision of “accelerating the set-up of a new industry hub for global virtual assets,” the company said in the announcement.
Binance will also help advance Dubai’s commitment to establishing a new international virtual asset ecosystem to enable long-term economic growth with digital innovation, the firm said, adding:
“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. The goal is to assist crypto exchanges, businesses that offer blockchain and distributed ledger technology services, and a wide range of digital currencies and assets to become licensed in Dubai.”
Binance CEO Changpeng Zhao has recently grown interested in regulatory developments around crypto in Dubai. He was among the first people in the crypto community to report on DWTCA’s new crypto initiative yesterday. Zhao also reportedly bought his first home in Dubai in October.
— CZ Binance (@cz_binance) December 21, 2021
Binance’s cooperation with the DWTCA could be meaningful for the crypto exchange as the company has been struggling to establish relationships with several global financial regulators increasingly scrutinizing the exchange earlier this year.
As previously reported, Binance had to suspend some of its services amid dozens of global financial regulators issuing warnings against the crypto exchange. Some of the countries that flagged Binance’s operations include Germany, Italy, the United States, the United Kingdom, Canada, Japan, Poland and others.