Wednesday, January 19

Binance signs memorandum with Dubai to support local regulation

The Binance brokerage firm signed a memorandum with the Dubai government, announcing this Tuesday (21) news to come from this document.

In recent months, Binance has been the market’s leading platform in daily trading volume. With this emphasis, which put their eyes on the platform were governments and inspection bodies, which did not like the presence of the brokerage in their countries at all.

Reacting to threats from governments and even bans, Binance started to change its posture with regulation, becoming proactive in compliance and working together with governments. Although this movement has driven away several of its customers who value the philosophy of market decentralization, it remains the largest in daily volume.

However, this movement indicates that the platform will be increasingly strict with its customers.

Binance signs memo with Dubai, now what?

This Tuesday, the CEO of Binance, CZ, published a photo with typical Dubai clothing, accompanied by the flag of the United Arab Emirates. This after Binance approached Dubai in the last few years and everything indicates that something more would come out of this relationship.

In fact, Binance ended up announcing that it is partnering with Dubai as of today. For this, a Memorandum of Understanding was signed with the CVM in Dubai, an important city in the United Arab Emirates.

“Binance signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center Authority (DWTCA) to outline the vision of accelerating the creation of a new industry hub for Global Virtual Assets.”

In the announcement made by Binance, it is clear that the brokerage will be committed to helping Dubai consolidate itself as an innovation hub in the cryptocurrency market. The focus is on making this a special territory for the whole world.

Agreement details do not mention Binance’s headquarters

The details disclosed by Binance on Tuesday do not make it clear whether there will be a local, regional or global headquarters for the brokerage in Dubai, information that the market was still waiting for 2021.

In this way, the broker said that it will support the innovation ecosystem with Dubai cryptocurrencies, DLT projects, brokers, coins and tokens that wish to establish themselves there. Apparently, the rumors of a Binance headquarters will have to wait a little longer.

Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. To support this, Binance will participate in this knowledge-sharing ecosystem, sharing its experience in collaboration with global regulators to assist in the development of progressive Virtual Asset regulations. The aim is to assist cryptocurrency exchanges, companies offering blockchain services and Distributed Ledger Technology (DLT) and a wide range of currencies and digital assets to be licensed in Dubai.