Breaking: Binance announces agreement with Dubai World Trade Center to build a crypto hub
Binance the world’s leading crypto exchange by trading volume announced a new partnership with Dubai World Trade Center Authority (DWTCA) to build a crypto hub. The Memorandum of Understanding (MoU) with the DWTCA would see the global crypto exchange help Dubai become a leading center for crypto businesses and also build a crypto ecosystem that “generate long-term economic growth through digital innovation.”
Dubai https://t.co/yzTbV76geb
— CZ 🔶 Binance (@cz_binance) December 21, 2021
The official press release from the crypto exchange read:
“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.”
The agreement between the two parties was expected given Binance had made its plans of opening a crypto venture in Dubai a while back. The partnership announcement also comes just a day after the government of Dubai declared DWTCA as the regulator and comprehensive zone for the crypto industry. Binance CEO Changpeng Zhao has even tweeted about the same yesterday.
» Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u
— CZ 🔶 Binance (@cz_binance) December 20, 2021
Binance extends its dominance in Asia
The new agreement in Dubai would play a major role for Binance and its plans to conquer the Asian pacific markets. Earlier, the leading crypto exchange also announced a new crypto venture in Indonesia with the country’s top telecom provider. The Indonesian crypto venture was confirmed just days after Binance’s affiliate exchange in Singapore pulled out its crypto license which was pending for over six months now.
Binance has global aspirations but a slew of compliance warnings in the May-July phase put a dent in the rapid rise. However, the crypto platform has jumped back quickly and is expected to raise a couple of hundred million dollars for its US venture called Binance.US.
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- XRP Price Outlook After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
