Binance moves from S’pore to Dubai deal to build cryptography framework – Wired PR Lifestyle Story

Crypto Exchange Binance has signed an agreement with the Dubai authorities to build a regulatory and legal framework for virtual assets.

Dubai will work with the World Trade Center Authority to build a new international virtual asset ecosystem. In other words, Dubai aims to license crypto-exchanges, blockchains, and distributed book technology companies, as well as the city’s currencies and digital assets.

Binance said in an announcement on Tuesday (December 21st) that it will share the experience of working with regulators.

News reports said CEO and founder Zhao Changpeng recently bought a home in Dubai and met with senior officials in the virtual asset and blockchain industry there.

Dubai over Singapore?

This means that Singapore will jump as the company’s global headquarters. Binance’s Singapore unit recently removed the cryptographic license application in the city state, adding that it will close its exchange operations in February.

“Today, the adoption of cryptography and blockchain technology is in its infancy, but through our leadership position and experience, combined with Dubai’s long-term vision, we intend to develop the right regulatory framework to adapt to the rapid and progressive nature of virtual assets,” Changpen said in a Dubai announcement.

Featured Image Credit: Reuters, CNN