Binance announces agreement with Dubai World Trade Center to build a crypto hub
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Binance the world’s leading crypto exchange by trading volume announced a new partnership with Dubai World Trade Center Authority (DWTCA) to build a crypto hub. 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.”
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.
Binance 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.
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About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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