BSC News

Binance Secures Deal to Put Industry Hub in Dubai

Binance takes the lead in attempting to establish a cryptocurrency and digital innovation hub in one of the most luxurious cities in the world, Dubai.

Binance and CZ Choose Dubai

Binance, the world’s largest cryptocurrency exchange, announced on December 21 the signing of a deal that would establish an industry hub in Dubai. 

The exchange has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) in order to execute the vision of setting a new industry hub for digital assets in Dubai. The MoU is indicative of Dubai’s commitment to generate long-term economic growth through digital innovation and virtual assets.

“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai,” stated the official press release from Binance. 

The CEO of Binance, Changpeng Zhao, better known as CZ, purchased his first home in Dubai last month. The company and the CEO are warming to the pro-crypto emirate. CZ has become one of the most vocal figures of the cryptocurrency industry in the recent past, so when he speaks on important issues as such, the crypto-verse usually keeps a keen ear out for it!

As previously reported by BSC News, CZ published a detailed blog on December 21, highlighting his beliefs on the benefits and concerns surrounding Central Bank Digital Currencies (CBDC). 

What is Binance?

Binance is the largest cryptocurrency exchange globally, which also runs 2 of its own blockchain networks, Binance Chain and the Binance Smart Chain (BSC). The BSC has quickly grown as one of the prominent blockchain networks for DeFi protocols after its launch in April 2020. According to data from DeFiLlama, the total value locked (TVL) on DeFi protocols is $16.97 billion, making it the 3rd most utilized blockchain in the world.

Find more about Binance here:

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