Binance is in talks with the UAE about a plan to set up its headquarters here

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Binance exchange is said to be in discussions with the United Arab Emirates (UAE) regulators about opening Binance’s headquarters in the country.

Binance is in talks with the UAE about a plan to set up its headquarters here

Binance headquarters establishment plan

Establishing a global headquarters is an essential step for Binance. This cryptocurrency trading platform seeks to transform itself into a large and regulated financial institution.

They were founded in China in 2017. Binance quickly grew into a major force in the global crypto industry. However, the headquarters of Binance has never been announced. Instead, Binance combines companies in different locations around the world. This makes it difficult for regulators to apply the law to this company.

Singapore seems an obvious choice. After Zhao appraised and resided there for the past two years. However, the plans now seem more difficult. Recently, the Singapore-based company of Binance withdrew its application for a license to operate a cryptocurrency exchange.

Negotiations are underway

Binance executives held discussions with various officials from special economic zones in the Persian Gulf federation about a future project. These authorities include the Abu Dhabi Global Market (ADGM). Dubai International Financial Center and Dubai Multicommodities.

CEO of Binance. Changpeng Zhao (CZ) said last month that. They have chosen a location for their global headquarters. But only notify after contacting the regulatory authorities.

There is evidence that the UAE is the choice of Binance. Can be mentioned as. Binance recently re-hired former senior officials from several economic zones. This includes staff like Mark McGinness from the Dubai Financial Services Authority and Matt Gamble from ADGM. Previously, CZ has hailed the UAE as a “cryptocurrency favor country,” along with France and Singapore.

Binance spokesman Patrick Hillmann said that “meaningful conversations” with governments and stakeholders around the world are ongoing. “We are looking at a number of potential strategies, including possibly setting up multiple regional headquarters,” he added.

In addition to the multi-regional approaches, Hillmann emphasized that critical considerations are the country’s potential and the driving environment for blockchain technology. He concluded that any significant announcements of further plans should come next year.

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