Binance has launched a new cooperation with the Dubai World Trade Center Authority (DWTCA) to establish a crypto center.
The global crypto exchange would assist Dubai to become a leading centre for crypto enterprises and develop a crypto ecosystem that “generates long-term economic growth through digital innovation” under the terms of the Memorandum of Understanding (MoU) with the DWTCA.
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.”
Binance had announced its ambitions to start a crypto venture in Dubai a while back, thus the agreement between the two companies was expected. The collaboration news comes only one day after the Dubai government-designated DWTCA as the crypto industry’s regulator and comprehensive zone. Changpeng Zhao, the CEO of Binance, even tweeted about it 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’s supremacy in Asia continues to grow
Binance’s aim to penetrate the Asian pacific markets will be aided by the new deal in Dubai. Earlier this week, the world’s largest cryptocurrency exchange unveiled a new crypto venture in Indonesia with the country’s largest telecom operator. The Indonesian crypto venture was announced only days after Binance’s Singapore-based affiliate exchange withdrew its crypto license, which had been waiting for more than six months.
Binance has worldwide ambitions, but a series of compliance warnings during the May-July period slowed the company’s meteoric growth. The crypto platform, on the other hand, has swiftly rebounded and is anticipated to raise several hundred million dollars for its US endeavour, Binance.US.
