Binance signs agreement with Dubai to build a Global Crypto Hub together

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Cryptocurrency exchange Binance has signed a partnership agreement with the Dubai World Trade Center, which is working to establish an international virtual asset ecosystem.

Binance signs agreement with Dubai World Trade Center

The Dubai World Trade Center (DWTC) said on Monday that it will become a cryptocurrency zone and regulatory authority for cryptocurrencies and other virtual assets, as the United Arab Emirates (UAE) seeks to attract new business amid competition in the region.

Binance, the world’s largest cryptocurrency exchange by trading volume, said in a statement that it intends to support the development of virtual asset regulations in Dubai.

“The goal is to help crypto exchanges or businesses that provide blockchain and DLT services, or multiple currencies and digital assets, to be licensed in Dubai,” Binance said.

Binance signs agreement with Dubai World Trade Center
Changpeng Zhao with the traditional Kandura costume of the people of Dubai.
Source: Twitter

Financial regulators around the world have been targeting Binance this year, with certain restrictions. In addition, they also issue warnings about legal issues

In response, CEO Changpeng Zhao said in July he wanted to improve relations with regulators.

Dubai World Trade Centre Authority (DWTCA), a so-called free zone within the UAE, agreed a framework in September allowing it to approve and license crypto-related financial activities.

And in October, Dubai International Financial Centre (DIFC), another Dubai free zone, released the first part of a regulatory framework for digital tokens.

“Through our leadership position and expertise, combined with the long-term vision of Dubai, we plan to develop a regulatory framework appropriate to fit the fast-moving and progressive nature of virtual assets,” Zhao said.

Read more: Binance

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