Binance crypto exchange signs agreement to establish a crypto hub in Dubai
Binance, the world's largest cryptocurrency exchange, signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center Authority (DWTCA), a free zone in the heart of the UAE capital. The agreement aims to help the crypto exchange expand its influence in the Middle East.
As outlined in the Binance official press release, “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.”
The new ecosystem will assist blockchain projects, cryptocurrency exchanges, and distributed ledger services (DLT) businesses in obtaining a license to operate in Dubai. This will help promising applicants enter the international market. Moreover, Binance will be involved in consultations on creating regulations for digital assets. Binance will likely locate its branch cryptocurrency exchange there.
Previously, Binance has already announced its expansion in Asia: earlier, an agreement was reached on creating its own crypto-exchange in Indonesia with a leading local telecommunications provider.