Crypto exchange Binance announced that it had agreed with the Dubai World Trade Centre Authority (DWTCA) to establish an industry hub for Global Virtual Assets.
Binance to Assist Other Exchanges and Businesses Acquire Licenses in Dubai
The DWTC declared itself a specialized crypto hub yesterday. Binance now signed a Memorandum of Understanding (MoU) that promises to outline the vision towards achieving the DWTC’s proclaimed status.
Binance’s statement promises to assist other crypto exchanges and businesses that offer blockchain and DLT services to acquire licenses to operate in Dubai in cooperation with the local government.
Additionally, Binance has committed itself to help Dubai in its journey towards establishing a new international digital asset ecosystem. Binance’s statement declares it believes Dubai’s new plan will contribute to the growth of the global economy.
DWTC pledged itself to be a crypto zone and regulator of cryptocurrencies. For this reason, crypto exchange Binance is choosing to contribute its knowledge in collaborating with global regulators to assist in developing progressive Virtual Asset regulations.
Binance Moving to Gain Favour with Global Regulators
Despite being the world’s biggest crypto exchange by trading volumes, Binance has met its fair share of resistance from financial regulators around the globe. Some of the regulators are from Germany, Japan, the United Kingdom, Poland, Italy, and the United States.
Some have entirely banned the exchange, while others have warned citizens that Binance operates illegally. Crypto exchange Binance has had to suspend some of its services due to warnings from these regulators.
Binance CEO Changpeng Zhao responded to the restrictions in July, stating that the exchange would aim to improve relations with regulators. Binance signing a deal with the DWTCA may be one of the things Binance is doing to improve the connections.
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