Binance Announces Agreement In Dubai To Establish A Crypto Hub

The world’s leading cryptocurrency exchange Binance announced new partnership with Dubai World Trade Center Authority (DWTCA) to establish a crypto hub in the Emirate on Tuesday. Following a Memorandum of Understanding (MoU) with the DWTCA, Binance will assist Dubai in become a leading hotspot for crypto businesses and build a crypto ecosystem that can “generate long-term economic growth through digital innovation.”

The official statement from the crypto trading platform said:

“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. 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.”

The partnership between the two parties had been looming, with Binance sharing its plans of opening a crypto venture in Dubai earlier in the year. Yesterday, Dubai officials declared DWTCA as the regulator for the crypto industry about which Binance CEO Changpeng “CZ” Zhao immediately tweeted:

Binance recently announced a new crypto venture in Indonesia with the country’s top telecom provider PT Telkom and has its eyes clearly set on the wider Asia-Pacific region. In India for example, despite regulatory uncertainty, it operates the largest crypto exchange in the country, WazirX.

Binance’ CZ is clearly ready for the new Middle East adventure as latest tweet reveals: