Binance signs agreement with Dubai authorities to promote cryptocurrencies

The cryptocurrency exchange Binance has signed a memorandum of understanding with the Dubai World Trade Centre Authority to foster the creation of an industry hub in the emirate.

“According to the company, Binance will contribute to Dubai’s drive to create a new international ecosystem of virtual assets that will deliver long-term economic growth through digital innovation.”

Binance noted that one of the exchange’s aims under the initiative is to help blockchain-industry participants obtain a license in Dubai. The company plans to share [7 — inhale] knowledge and experience of cooperating with regulators.

In November it emerged that founder and CEO Changpeng Zhao purchased property in Dubai. Media saw in this a signal of a possible relocation of the exchange’s headquarters.

🇦🇪 pic.twitter.com/QrgxaHKAp9

— CZ 🔶 Binance (@cz_binance) December 21, 2021

Earlier Zhao outlined plans to establish offices in France and the United Kingdom. In December Binance withdrew its application for a license for the Singapore branch.

In November, Binance published a compendium titled ’10 Fundamental Rights of Crypto Users’ as the basis for developing regulatory rules for cryptocurrencies.

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