Crypto exchange Binance is opening an office in the United Arab Emirates after a major exit in the US as it aims to deepen its presence in the UAE. Cryptocurrency Giant Binance Seeks To Deepen Its Operations In UAE.
According to analysts, UAE has great potential and a great market to buy and sell crypto.
Cryptocurrency Giant Binance Seeks To Deepen Its Operations In UAE
Binance Dubai CEO Alex Chehade noted, “The UAE has become an attractive destination for crypto businesses due to its positive outlook for digital assets and clear regulations.”
Alex Chehade said of Binance’s expansion proposal: “Binance found that the top management in the UAE wanted to establish the region as a hub for Web3. They are trying to diversify away from fossil fuels and see crypto as a great driver.
“Binance chose the UAE because we have the security to start operations and build an excellent future for digital currency. To start a big business, one must have a proactive and clear vision in planning the budget and other factors. Binance
In addition, the company shared its statistics on its Twitter account, where the United Arab Emirates had the most significant percentage of cryptocurrency owners worldwide, i.e. (26.77%).
Earlier in December 2021, Binance signed an agreement with the Dubai World Trade Center Authority to build an industrial center for global digital resources.
The UAE plans to become a web3 hub and aims to reduce dependence on fossil fuels by using cryptocurrency as a means to achieve its goals, as digital cryptocurrency plays a vital role in achieving its desired goals.
Commodity Futures Trading Commission (CFTC)
Given the ongoing legal disputes with US regulators such as the Securities and Exchange Commission (SEC) and the UAE Commodity Futures Trading Commission (CFTC), Binance has proven to be a strong vehicle to establish its headquarters in the UAE.
Alex Chehade noted, “Binance has focused much more on the United Arab Emirates to launch in a country that offers a stable and safe business environment. In addition, the Virtual Asset Regulatory Authority (VARA) plays an important role and is the main driver of interest. in the industry.” VARA provides a clear framework for people and businesses to interact with virtual assets effectively.
In addition, the rapid growth of foreign investment and the growing number of young expatriates in the UAE may contribute to the rapid adoption of digital cryptocurrencies.
As we know, people are more interested in digital means and curious to embrace change. In particular, virtual assets are positively viewed by the younger generation in the UAE.
Mriganka Pattnaik, CEO of Merkel Science
Mriganka Pattnaik, CEO of Merkel Science, also praised the UAE regulations, especially VARA’s comprehensive compliance guidelines for virtual asset companies.
However, close relationships and relationships between the private sector and regulators in the UAE’s limited early-stage ecosystem allow for broader and smoother operations.
In September 2021, VARA officially announced Binance’s preliminary minimum viable product license, positioning itself for further expansion in the UAE digital market.
In November 2022, Binance Holdings received an in-principle license from the Abu Dhabi Global Market to operate as a crypto asset broker.
In addition, the company also oversees Web3’s technology investments in the United Arab Emirates.
On the other hand, Binance also announced that it would cease operations in Canada, citing a difficult regulatory environment. Binance was founded by Chengpemg Zhao in 2017 and has dominated the cryptocurrency market with $65 billion in daily transactions since its inception.
Over the past few months, anti-money laundering regulators have been keen to keep a close eye on Binance.