Binance Inks Deal to Set Up Virtual Assets Hub in Dubaiby Fintech News Singapore December 22, 2021
Crypto exchange platform Binance announced that it has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) to set up a virtual assets hub.
Binance said that its goal was 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 move came as no surprise as its current CEO in Singapore, Richard Teng was previously heading the Abu Dhabi Global Market (ADGM) for several years before he was roped in to untangle the regulatory issues that Binance was facing in the country.
It was unclear what his role would be in this new Dubai hub moving forward.
Last week, Binance had announced that it will be dropping its licensing plans in Singapore and that it will start winding down its services in the island nation.
The beleaguered company had been placed on the Monetary Authority of Singapore’s investor alert list, joining several other regulators worldwide in doing so.
However, Binance wasn’t planning to completely leave Singapore as it snapped up an 18% stake in Hg Exchange.
Binance said in a statement,
“With the MoU, Binance will help advance Dubai’s commitment to establishing a new international virtual asset ecosystem that will generate long-term economic growth through digital innovation. 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.”