Binance Flirts with Plan to Put HQ in the Middle East

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Binance to Welcome Web3 with new Headquarters

After a host of different countries and regions had been touted as a possible new home for Binance’s headquarters, the latest to intensify speculation is the Middle East.

Binance executives have been in talks with Abu Dhabi Global Market, Dubai International Financial Centre, and Dubai Multi Commodities Centre about a potential move, according to a Bloomberg report on December 16th. Having already finalized previous hires with key experience in the region, like Mark McGinness, formerly of Dubai Financial Services Authority, the location appears to make strategic sense.  

“He brings with him over 30 years of invaluable experience working alongside key stakeholders in the financial services industry,” Binance CEO 'CZ' Changpeng Zhao, had said of McGinness’ experience in the initial Press Release. "Mark joining our leadership is not only a huge step forward for Binance, but the industry as a whole, as we work to grow the industry responsibly with the support of regulators and policymakers across the globe."

Looking back, the hire may have had a specific purpose if we are to believe the latest developments regarding the new headquarters. 

There is a clearer understanding here of previous steps taken to make this move a reality if indeed the headquarters move to Dubai is decided upon.

The largest cryptocurrency exchange was also set to sign a memorandum of understanding with the government of Dubai that relates to crypto-related activities, according to the Business Times.

"The government there is very progressive, and it's a very good business environment," Changpeng Zhao had said in an interview with the Bloomberg New Economy Forum in Singapore.

This may well be one of the reasons that the Binance chief finalized the purchase of his first home in Dubai earlier this year, again another seeming indication of what many are beginning to tout as an imminent move for Binance’s headquarters.

It remains largely unclear where this eventual headquarters will be at this stage. As Binance continues to make important progress with financial authorities in different parts of the world, they may yet have several options. ‍

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