Binance’s Latest Agreement Shows Dubai is Fast Becoming a Crypto Hub

Some of the top cities around the world are making changes that would help attract cryptocurrency and blockchain companies. Dubai seems to be ahead as the region continues to attract crypto investors.

Binance to Establish a Crypto Hub in Dubai

Leading crypto exchange Binance announced earlier today that it had signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA). The crypto exchange is set to establish a cryptocurrency hub in the city.

In a blog post earlier today, the company said, “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 said the aim of the establishment is to help various crypto and blockchain-related business to become licensed entities in Dubai. “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,” the crypto exchange added.

Dubai is fast becoming one of the top destinations for cryptocurrency and blockchain businesses. Yesterday, the Dubai World Trade Centre (DWTC) announced that it would become a comprehensive zone and regulator of digital currencies, products, operators and exchanges. The region will make it easier for cryptocurrency and blockchain companies to operate in Dubai.

Binance is Overcoming its Regulatory Challenges

Binance has come under heavy regulatory scrutiny this year. The exchange faced numerous regulatory challenges from regulators in various countries, including the United Kingdom, Singapore, Hong Kong, the Netherlands and Italy.

As a result, Binance discontinued several of its services in various countries around the world in a bid to comply with local regulations. The exchange also began to hire ex-regulatory officials in various countries to spearhead its compliance efforts.