It recently licensed Binance and fellow global heavyweight FTX Europe and companies such as are setting up offices. "Definitely Dubai is a very important hub that we are looking at to consider different options going forward," he said, adding "internal deliberations" continued about where Binance's base would be.ĭubai, one of the UAE's seven emirates and the region's trade hub, in March issued its first digital assets law and formed the Virtual Asset Regulatory Authority (VARA). read moreīut Teng would not say whether Dubai was to be a headquarters.īinance says it does not have a headquarters and does not identify which entity controls its main exchange, although Zhao has said he wants to establish a number of regional centres. The firm in December signed a partnership with the Dubai World Trade Centre Authority to help it set up and regulate an international virtual asset ecosystem. The firm is currently recruiting for more than 100 UAE positions, Teng said and LinkedIn vacancies show, after being licensed by Dubai's new virtual assets regulator this month.ĬEO Changpeng Zhao is a regular visitor to the UAE and has said he bought a home last year. "Binance upholds global standards on anti-money laundering, in terms of global sanctions, in terms of KYC (Know Your Customer)," said Teng. read moreīinance, since its founding in 2017, has faced scrutiny from governments and financial watchdogs assessing the wider cryptocurrency industry which had thrived in a mostly unregulated environment. The UAE in March was put on a 'grey list' of jurisdictions under increased monitoring by financial crime watchdog the Financial Action Task Force (FATF). The UAE's crypto push comes as international authorities voice growing concerns about the use of cryptocurrencies in money laundering and other crimes. "I wish more regulators globally adopt this approach that Dubai has - a public-private sector partnership." "It is a very progressive framework and we are very happy to be part of that process, working very closely with the Dubai government," said Richard Teng, Binance's MENA head. DUBAI, March 31 (Reuters) - (March 31 story, corrects paragraph 9 to clarify Binance has partnership with DWTC, not the financial freezone DIFC.)īinance, the largest crypto exchange by trading volume, is recruiting over 100 positions in the United Arab Emirates (UAE) and is helping to shape Dubai's new virtual assets' regulations, its regional head said.īinance's links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world's new digital assets hub and develops regulation.
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