{"id":15483,"date":"2021-12-21T15:33:25","date_gmt":"2021-12-21T14:33:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=15483"},"modified":"2021-12-21T15:33:46","modified_gmt":"2021-12-21T14:33:46","slug":"binance-inks-agree-with-dubai-to-develop-an-hub","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-inks-agree-with-dubai-to-develop-an-hub\/","title":{"rendered":"Binance inks an agreement with Dubai Authority to develop an industry hub in Dubai"},"content":{"rendered":"\n
Binance<\/a>, a cryptocurrency exchange, has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) with the aim of developing an industry hub in Dubai.\u00a0<\/h5>\n\n\n\n
\"Binance
Binance inks an agreement with Dubai Authority to develop an industry hub in Dubai<\/figcaption><\/figure>\n\n\n\n

MoU between Binance and DWTCA<\/h2>\n\n\n\n

Binance<\/a>, a cryptocurrency exchange, has inked\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) to develop an industry hub in Dubai.<\/p>\n\n\n\n

“Binance's commitment to building a new worldwide Virtual Asset ecosystem that will generate long-term economic growth through digital innovation will be aided by the MoU,” the exchange said in a prepared statement.<\/p>\n\n\n\n

It went on to say that the main purpose was to assist various crypto and blockchain-related businesses in “becoming licensed in Dubai.”<\/p>\n\n\n\n

However, it is important to remember that this MoU does not grant Binance permission to operate in Dubai. Unlike a license, a Memorandum of Understanding (MoU) is an agreement between two companies that serves as the beginning point for negotiations.<\/p>\n\n\n\n

They are not legally binding, but they do indicate that the parties involved have achieved an initial agreement and that the groundwork for both to proceed further has been created.<\/p>\n\n\n\n

The exchange's search for licenses is still ongoing.<\/p>\n\n\n\n

Binance is looking for a license in the United States<\/h2>\n\n\n\n

Binance has struggled to gain the approval of regulators all over the world.<\/p>\n\n\n\n

This year, regulators in Holland<\/use><\/svg><\/span><\/a> and Japan<\/use><\/svg><\/span><\/a> issued consumer alerts regarding the exchange. The Cayman Islands and Italy have both announced that Binance is not licensed to operate in their countries.<\/p>\n\n\n\n

Malaysian<\/use><\/svg><\/span><\/a> regulators took action against the exchange after it was discovered to be operating illegally in the nation.<\/p>\n\n\n\n

In the summer, the Financial Conduct Authority (FCA) in the United Kingdom issued a consumer warning<\/use><\/svg><\/span><\/a> against Binance Markets Limited, Binance's UK business. After the firm failed to give basic information to the regulator, the FCA declared it “incapable” of being regulated.<\/p>\n\n\n\n

Binance recently retracted its application for a license in Singapore<\/a>, where CEO Changpeng Zhao (CZ) resides.<\/p>\n\n\n\n

Following a succession of regulatory failures, Binance has redoubled its efforts to obtain a license elsewhere. The exchange has stated that it is attempting to obtain an FCA license once more but has yet to be successful.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, a cryptocurrency exchange, has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) with the aim of developing an industry hub in Dubai.\u00a0 MoU between Binance and DWTCA Binance, a cryptocurrency exchange, has inked a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) to develop […]<\/p>\n","protected":false},"author":29,"featured_media":13635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5521,5392,6117],"class_list":["post-15483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-2","tag-cryptocurrency-2","tag-dubai-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/Binance-Holdings-Ltd.-Plans-To-Set-Up-Headquarters-in-France.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=15483"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13635"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=15483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=15483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=15483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}