As part of its efforts towards ensuring mass adoption of crypto, Binance crypto exchange may have just collaborated with Dubai World Trade Center Authority (DWTCA). The world’s leading crypto exchange by trading volume announced that the collaboration aligns with Dubai’s vision to actively partake in improving the global economy. And as provided by the terms of the partnership, Binance will help Dubai to become a major crypto hub as the nation continues in its quest to “generate long-term economic growth through digital innovation.”
Other Exchanges To Benefit From This Partnership
Going by the official press release of Binance, the crypto exchange will be putting forward its past experiences from dealing with regulators around the globe, to help Dubai develop its own progressive regulations. The firm also revealed its aim of helping smaller crypto exchanges as well as other crypto-related businesses. It hopes to assist these businesses by helping them get licensed in Dubai.
Meanwhile, this newly-announced partnership does not exactly come as a shock. Just a short while ago, Binance announced its crypto venture plans for Dubai. Interestingly, the partnership comes a day after the government of Dubai declared DWTCA as the sole regulator for the entire crypto industry in the country. In fact Changpeng Zhao, CEO of Binance even made a Twitter post in same direction same day.
Binance Establishes Its Dominance Across Asia
Recall that Binance has always been open with its plans of conquering Asian markets. And now, this new partnership with Dubai provides the perfect opportunity for just that.
Just a while ago, the crypto exchange ventured into Indonesia. That deal saw it partnering with the country’s top telecom provider. Meanwhile, the firms’s affiliate exchange just pulled out of Singapore only few days before that. That is after spending close to 6 months waiting on the side for a license to operate in the country.
Binance continues to take giant steps on the global scene but its rise could have been faster. However, a slew of compliance warnings in the May-July phase put a dent to its growth along the way.
The crypto exchange has made good recovery though and is hoping to raise funds for its US venture called Binance.US.