Binance becomes one of the first members to join Dubai World Trade Center's new crypto hub

Time:2022-01-03 Source: 898 views Trending Copy share

The day after the Dubai World Trade Center officially announced the launch of the cryptocurrency complex in Dubai on Monday, Binance officially announced the signing of a memorandum of understanding with DWTCA. Binance will work with local governments to assist cryptocurrency exchanges and companies in obtaining licenses in Dubai.

Binance, the world's largest cryptocurrency trading platform, is one of the first crypto exchanges to join the new cryptocurrency center established by the Dubai World Trade Center Authority (DWTCA).

The day after the Dubai World Trade Center officially announced the launch of the cryptocurrency complex in Dubai on Monday, Binance officially announced the signing of a memorandum of understanding with DWTCA.

The company stated in the announcement that as a member of the DWTCA initiative, Binance will help the authority realize its vision of "accelerating the establishment of a new industry center for global virtual assets."

The company stated that Binance will also help advance Dubai's commitment to establish a new international digital asset ecosystem to achieve long-term economic growth through digital innovation.

“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. The goal is to assist cryptocurrency exchanges, companies that provide blockchain and distributed ledger technology services, and various digital currencies and assets to obtain licenses in Dubai. ."

Binance CEO Changpeng Zhao has recently become increasingly interested in Dubai's regulatory developments surrounding cryptocurrencies. He is one of the first people in the cryptocurrency community to push DWTCA's new cryptocurrency initiative on Monday. According to reports, Changpeng Zhao also bought his first house in Dubai in October.

"Dubai https://t.co/yzTbV76geb"

-CZ Binance (@cz_binance) December 21, 2021

Binance’s cooperation with DWTCA is of great significance to the exchange because the company has been working hard to establish relationships with several global financial regulators, which reviewed the exchange earlier this year.

As previously reported, after dozens of global financial regulators issued warnings about the crypto exchange, Binance had to suspend some of its services. Countries that have issued warnings on Binance's business include Germany, Italy, the United States, the United Kingdom, Canada, Japan, Poland and other countries.

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