The Binance Headquarters Could Be Set In Dubai?

After a lot of rumors, new ones emerged that the Binance headquarters could be set in Dubai according to the latest reports that we have in our Binance news today.

Changpeng Zhao, the CEO of Binance recently purchased a home in Dubai, calling the city pro-crypto but let’s think about it first before jumping to conclusions. Binance is trying to work with policymakers in Dubai and he has a goal to get his platform as compliant as it gets. According to a Bloomberg article:

“Binance Holdings Ltd., which has claimed to be a virtual company, has held discussions with regulators in the United Arab Emirates about a potential headquarters in the Gulf Arab nation, according to people with direct knowledge of the matter.”

Binance was working around regulators all across the world and it became the main crypto exchange that is left without physical headquarters in the world. Right as China banned all activity in the country, Binance became the world’s biggest crypto exchange at the users could transact up to a certain amount without going through KYC procedures. The exchange did set up a few locations but it never went as far as to reach a deal with certain local government. Zhao did say that the company is stepping up its game on licensing and compliance and planned to establish more than one headquarter. The report continued:

“Officials at Abu Dhabi Global Market, a so-called free zone located on an island in the capital city, have made a compelling case with their quick rollout of a virtual asset framework and recent incentives to lure financial technology firms.”

Well, although it says Abu Dhabi, there’s a similar project called the DMCC and it looks to launch a regulatory framework that will include licensing for crypto trading but the Dubai Multi Commodities Centre targeted on bringing in more than 1000 crypto companies by 2022 and it seems that binance is among these. Zhao said that binance did decide on a location for its global headquarters and it will announce it after he is done negotiating with the regulators. Its road to compliance has been a long one as the company published its first traditional bill of rights dubbed “10 fundamental Rights for Crypto Users.”