Binance joins fresh crypto hub by Dubai World Trade Centre

Binance will assist crypto exchanges and businesses to become licensed in Dubai in cooperation with the local government.

The world’s largest cryptocurrency trading platform, Binance, is among the first crypto exchanges to join a new crypto hub established by the Dubai World Trade Centre Authority (DWTCA).

Binance officially announced it had signed a memorandum of understanding with the DWTCA the next day after the latter had officially announced the launch of a comprehensive zone for crypto in Dubai on Monday.

As part of its membership in the DWTCA’s initiative, Binance will help the authority outline the vision of “accelerating the set-up of a new industry hub for global virtual assets,” the company said in the announcement.

Binance will also help advance Dubai’s commitment to establishing a new international digital asset ecosystem to enable long-term economic growth with digital innovation, the firm said, adding:

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Binance’s cooperation with the DWTCA could be meaningful for the crypto exchange, as the company has been struggling to establish relationships with several global financial regulators that have scrutinized the exchange earlier this year.

Related: Binance plans to become registered UK firm despite regulatory setbacks

As previously reported, Binance had to suspend some of its services amid dozens of global financial regulators issuing warnings against the crypto exchange. Some of the countries that flagged Binance’s operations include Germany, Italy, the United States, the United Kingdom, Canada, Japan, Poland and others.

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