Binance Plans Virtual Assets Industry Hub in Dubai
Key Takeaways
The Binance team has announced an agreement with the Dubai World Trade Centre Authority.
The agreement has been established in order to facilitate the growth of an industry hub for the crypto world.
Binance claims it will share the knowledge it has acquired through its experience dealing with various regulators.
Share this article
Binance announced today that it has signed an agreement with the Dubai World Trade Centre Authority to cooperate on creating an industry hub for the global virtual assets space.
Binance Courts Dubai
Binance, the world’s largest cryptocurrency exchange, announced today that it has signed a Memorandum of Understanding with the Dubai World Trade Centre Authority to “outline the vision of accelerating the set-up of a new industry hub for Global Virtual Assets.” The Dubai World Trade Centre is a business hub, collaboration space, and conference center in the heart of Dubai’s business district.
According to the Binance team, the goal of the MoU is to facilitate long-term economic growth via digital innovation by helping establish Dubai as the new virtual asset hub of the world. Binance wrote that Dubai’s agenda would help grow the global economy in general.
More specifically, the Binance team wrote that it will share the experience it has accrued from its time spent “collaborating with global regulators” in furthering the regulatory landscape of digital assets. The team wrote:
“The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.”
It is true that Binance is relatively experienced in dealing with regulators. For example, in July, Binance was warned by Italian regulators that it was not authorized to operate in Italy. This came only two days before Binance blocked users from making withdrawals using British Pounds or Euros, likely in response to regulatory scrutiny.
Binance and its CEO Changpeng Zhao (CZ) are rather vocal in the world of crypto. Just today, a Binance blogpost was published in which CZ laid out some of his thoughts surrounding Central Bank Digital Currencies. Last month, it launched a crypto rights campaign that outlined “10 fundamental rights for crypto users.”
Disclosure: At the time of writing, the author of this piece owned BTC and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Kevin O’Leary Discusses Crypto’s Path to Institutional Ado…
Crypto Briefing sits down with Kevin O’Leary to discuss crypto as software, DeFi, NFTs, and institutional adoption of the asset class. How O’Leary Sees Crypto as Software Kevin O’Leary is…
What is Rarible: A DAO for NFTs
What was once dismissed as a silly and expensive sector, NFTs give creators access to global markets in a way that’s never been possible before, and it’s all thanks to blockchain.Those familiar…
Binance Launches Crypto Rights Campaign Aimed at Regulators
Binance has launched a crypto rights campaign, outlining ten fundamental crypto rights and calling on industry leaders, regulators, policymakers, and users to help create policy surrounding crypto assets. Binance Drafts…
Binance Looks to Sovereign Wealth Funds For Investment
Binance CEO Changpeng Zhao has revealed the exchange is in talks with several sovereign wealth funds over potential large-scale investments. Binance Seeks Sovereign Investments Several sovereign wealth funds may soon…
