Binance Partners Dubai Trade Center to Build New Crypto Hub

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Leading crypto exchange Binance has partnered Dubai World Trade Centre Authority (DWTCA)’s to build its new crypto hub. The exchange is joining the hub less than 24 hours after Dubai announced the launch.

Binance is among the first crypto exchanges to partner with Dubai on this project. The exchange has already signed a memorandum of understanding with DWTCA on the project which is already underway.

#Binance signs agreement with Dubai World Trade Centre Authority to establish an industry hub for global virtual assets.https://t.co/XtR1qfM20w

— Binance (@binance) December 21, 2021

Part of the top exchange’s role is to help map out a strategy for “accelerating the set-up of a new industry hub for global virtual assets.”. It will also help in actualizing Dubai’s dream of establishing an international digital asset ecosystem to enable long-term economic growth with digital innovation,  the announcement said.

Binance CEO believes in Dubai

Binance CEO Changpeng “CZ” Zhao has had an affinity for Dubai for some time now. Notably, CZ bought his first home in the city in October due to the city’s crypto-friendly nature.  Recent reports also indicate that the city is one of three places considered to be a potential location for Binance’s global headquarters. In a statement on the partnership, the CEO said:

Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. The goal is to assist crypto exchanges, businesses that offer blockchain and distributed ledger technology services, and a wide range of digital currencies and assets to become licensed in Dubai.

Based on the turn of events, it appears Binance may finally settle for Dubai as its global headquarters. This could help not just in the exchange, effectively working with the City to build the new crypto hub, but will also open up the door to new opportunities in the crypto-friendly country.