Binance and Dubai are collaborating on Crypto Activities

Binance will soon sign a memorandum of understanding with Dubai’s government for crypto-related activities, the Business Times reported, citing unidentified individuals with knowledge of the matter. binance headquarter

Dubai is regarded as a candidate for the company’s global headquarters, along with France, and the company has been strengthening ties with the United Arab Emirates, according to the report. CEO Changpeng Zhao also recently met with heads of the Dubai Blockchain Center and the Dubai Police’s virtual assets crime section, the newspaper said.

A Binance spokesperson told Business Times the company’s having conversations with governments and key stakeholders in various markets but declined to comment on the issue of its headquarters, adding that it would release official statements to inform about developments when appropriate.

Binance, the world’s biggest cryptocurrency exchange, is facing increasing regulatory scrutiny worldwide as interest in the asset class grows. Binance’s Singapore affiliate on Monday withdrew its application to run a bourse in the city-state. The company also recently confirmed that it is in investment talks with sovereign wealth funds, which Zhao said may help to improve its “perception and relationships” with various governments.

In July, Binance was revealed to have given up its stake in cryptocurrency derivatives exchange FTX after FTX announced a US$900 million fundraise, but with Binance missing from its list of investors. Binance made the strategic investment in 2019, with plans to help build each other’s platforms.

Separately, Binance said on Monday it will set up a blockchain innovation hub in Singapore, exploring initiatives such as incubation programmes, blockchain education and further investment opportunities.

Dubai is vying with Singapore, Switzerland and other countries to become a global hub by setting up a so-called free zone to support the trading of crypto assets. It’s also looking to issue a regulatory framework that will include licensing for crypto trading.

Binance Asia is among some 70 firms that are awaiting a permit from the Monetary Authority of Singapore, together with local units of Coinbase Global Inc., Hong Kong-based Huobi Technology Holdings Ltd. and South Korea’s Upbit. binance headquarter

 

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