World’s leading crypto exchange by trading volume–Binance, announced that they are partnering with Dubai World Trade Center Authority (DWTCA) to build a crypto hub there. The Memorandum of Understanding (MoU) with the DWTCA would see the global crypto exchange help Dubai become a leading center for crypto businesses and also build a crypto ecosystem that “generate long-term economic growth through digital innovation.”
The official press release from the crypto exchange read:
“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.”Related articleDid Tether’s Latest Lawsuit in New York Trigger Recent Crypto Market Crash?
The agreement between the two parties was expected given Binance had made its plans of opening a crypto venture in Dubai a while back. The partnership announcement also comes just a day after the government of Dubai declared DWTCA as the regulator and comprehensive zone for the crypto industry. Binance CEO Changpeng Zhao has even tweeted about the same yesterday.
Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto
Binance has already extends its dominance in Asia
The new agreement in Dubai would play a major role for Binance and its plans to conquer the Asian pacific markets. Earlier, the leading crypto exchange also announced a new crypto venture in Indonesia with the country’s top telecom provider. The Indonesian crypto venture was confirmed just days after Binance’s affiliate exchange in Singapore pulled out its crypto license which was pending for over six months now.
Binance has global aspirations but a slew of compliance warnings in the May-July phase put a dent in the rapid rise. However, the crypto platform has jumped back quickly and is expected to raise a couple of hundred million dollars for its US venture called Binance.US.