Binance aiming to set up crypto hub in Dubai

Exchange signs a memorandum of understanding with the Dubai World Trade Centre Authority

The Dubai World Trade Centre Authority (DWTCA) and Binance have signed a memorandum of understanding to explore plans to create a global crypto hub.

As part of the initiative, Binance will help the authority to form its vision of “accelerating the set-up of a new industry hub for global virtual assets”.

Binance said it will focus on “helping advance Dubai’s commitment to establishing a new international virtual asset ecosystem to enable long-term economic growth with digital innovation”, adding “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 relocating to Dubai?

Back in October, Binance’s CEO Changpeng ‘CZ’ Zhao tweeted on buying a property in Dubai and, in November, he disclosed in one of his interviews that Binance had decided on a location for its global headquarters and would announce it after communicating with regulators.

“I am not saying this is where we will definitely base our headquarters,” Zhao added.

“But for example, if you look at the UAE, if you look at France and Singapore, these regions are all very pro-crypto”.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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