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Cryptocurrency exchange Binance announced on Tuesday that it had signed a cooperation agreement to join the Dubai World Trade Centre Authority’s (DWTCA) new crypto hub.
Binance joins new crypto hub
Binance officially announced that it had signed a memorandum of understanding with DWTCA the next day after the latter officially announced the launch of a comprehensive cryptocurrency zone in Dubai on Monday. As part of its membership in the DWTCA initiative, Binance will help the authority outline its vision to accelerate the development of a new industry hub for global virtual assets, the company said in the announcement.
“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,” the announcement said.
Potential headquarters in Dubai?
The Dubai World Trade Centre Authority (DWTCA), a so-called free trade zone within the UAE, agreed in September to a framework that would allow it to approve and license crypto-related financial activities. At the same time, Binance has struggled to build relationships with several global financial regulators, who scrutinized the exchange. Countries that have placed Binance under scrutiny include Germany, Italy, the United States, the United Kingdom, Canada, Japan, Poland, and others.
It is well known that Binance CEO Changpeng Zhao has taken a keen interest in the regulatory developments surrounding cryptocurrencies in Dubai. It was recently reported that Binance Holdings Ltd. has been in talks with regulators in the United Arab Emirates about a possible headquarters in Dubai or Abu Dhabi. Working with DWTCA could be a big step for the crypto exchange to set up its headquarters in Dubai.
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