Thursday, January 27, 2022

Binance joins a new crypto hub established by the Dubai World Trade Centre Authority.

The Takeaway:

Crypto exchange giant Binance will assist crypto exchanges and businesses to become licensed in Dubai in cooperation with the local government.

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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 had signed a memorandum of understanding with the DWTCA the next day after the latter had officially announced the launch of a comprehensive zone for crypto in Dubai this week.

 

Binance will help advance Dubai’s commitment to establishing a new digital asset ecosystem.

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 exchange said in the announcement. 

Binance will also help advance Dubai’s commitment to establishing a new international digital asset ecosystem to enable long-term economic growth with digital innovation, the firm said, adding: “Binance believes that Dubai’s new plan 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 cryptocurrencies and digital assets to become licensed in Dubai.”

 

Binance is looking to improve its relationships with regulators.

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 on Monday. Zhao also reportedly bought his first home in Dubai in October. Binance’s cooperation with the DWTCA could be meaningful for the crypto exchange. As reported earlier, the crypto exchange has struggled to establish relationships with several global financial regulators that scrutinized the exchange earlier this year. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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