Binance Seals The Deal With Dubai To Establish Crypto Hub

Binance seals the deal with Dubai’s World Trade Centre authority to establish a crypto hub officially as we can see more in our latest Binance news.

Crypto exchange Binance seals the deal with Dubai’s authorities to establish a crypto hub in the region and announced that it signed a Memorandum of Understanding with the Dubai World Trade Centre Authority with the goal of making Dubai an industry hub. The exchange said in a prepared statement:

“With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.”

It added that the main goal was to help various crypto and blockchain-related businesses to become licensed in Dubai. However, this MOU is not a license for Binance to operate in Dubai and is a contrast to a license, these are agreements between parties that are seen as the starting point for the negotiations. They are not legally binding but only pose a signal that the relevant parties reached an agreement and that the foundation was laid for both to move ahead. Binance had a difficult time satisfying the criteria for regulators around the world.

Regulators in Holland and Japan issued consumer warnings about the exchange this year as the Cayman Islands and Italy announced Binance it is not licensed to do business in their jurisdictions. The exchange faced a lot of law enforcement action in Malaysia after regulators said the exchange was operating illegally in the country. In the UK, The Financial Conduct Authority issued a consumer warning against Binance Markets Limited and said the firm was incapable of being regulated after it failed to provide the needed information to the regulator. Binance also withdrew its application for a license in Singapore where the CEO Changpeng Zhao lives. Since the shortcomings in regulation, Binance renewed its efforts to gain a new license and the exchange said that it is trying to get an FCA license again but without success.

As recently reported,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.