June 26, 2023

Binance Believes UAE To Be World’s Next Major Crypto Hub

Binance in UAE

Binance in UAE

In light of the harassment that Binance faced in the United States and some European countries, the largest crypto exchange explores new markets in various parts of the world.

Binance Dubai General Manager Alex Chehade told Cointelegraph that the UAE is a prime destination for Binance and crypto businesses, noting that the UAE would be the next major crypto hub in the world for many reasons, topped by its friendly regulations of digital assets.

“Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They’re trying to diversify away from fossil fuels and they see [crypto] as a great driver for doing so,” Chehade said.

Chehade pointed out that Binance prefers the UAE to do business because it had given the guarantee to build a business to set up operations and build for the future.

“You don’t want to set up where the goalposts move. For big businesses, you need predictability, you need to plan and you need to budget,” he noted.

It is worth mentioning that Binance is in a struggle with the US Securities and Exchange Commission and the Commodities Futures Trading Commission.

The Binance general manager attributed the growing interest in crypto in the region to the UAE’s Virtual Assets Regulatory Authority (VARA), saying it is a key driver. He lauded VARA’s work as it provides a clear framework for people and businesses to engage better than anywhere else.

According to him, the influx of young people to the Gulf country would encourage more adoption of crypto in the region than other digital asset hubs.

Moreover, Merkle Science CEO Mriganka Pattnaik also hailed the UAE’s regulatory landscape, saying that VARA provides very detailed compliance guidelines for firms working under its purview.

It’s also easier to hire teams in the UAE or just build out a team of 100 people, all of whom don’t come from the region, Pattnaik added.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.