Binance Names UAE as the ‘Focal Point’ for Future Business
- Binance Dubai general manager Alex Chehade claims that the UAE is a “focal point” for the firm’s future business.
- Chehade said that the UAE will become the next crypto hub due to its friendly stance towards crypto firms.
- “They’re trying to diversify away from fossil fuels, and they see [crypto] as a great driver for doing so,” he said.
- Chehade noted that “there’s a clear framework for people and businesses to engage with” in the UAE.
The world’s largest crypto exchange, Binance, has been trying its best to prevent customers from leaving the crypto trading platform after the recent regulatory actions taken by the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Interestingly, the firm has named the United Arab Emirates as its “focal point” for future operations.
Binance Dubai general manager Alex Chehade talked to blockchain media outlet CoinTelegraph and revealed that his firm believes that the UAE will become the next crypto hub in the coming days due to its friendly stance towards crypto businesses. The executive noted that the firm “identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3.
“They’re trying to diversify away from fossil fuels, and they see [crypto] as a great driver for doing so,” said Chehade.
Unlike the United States SEC, the UAE’s Virtual Assets Regulatory Authority (VARA), the body responsible for regulation of crypto assets, has adopted a positive approach to cryptocurrencies and granted licensing to many firms in the past few months.
As per the report, Chehade noted that “there’s a clear framework for people and businesses to engage with” in the UAE. Meanwhile, Binance is not “just not seeing as much of that elsewhere,” said the General Manager.
“You don’t want to set up where the goalposts move. For big businesses, you need predictability, you need to plan, and you need to budget.”
He also noted that many young people are moving to the UAE. Youngsters around the world have been more receptive to cryptocurrencies and the digital asset industry as compared to other ages.
“The two key drivers are that lots of expatriates are moving here from Europe and Asia, and the overall demographic is younger as well—aand we know that younger people have a more favorable mindset when it comes to virtual assets.”
Meanwhile, as per previous reports from Bitnation, the customers of the US arm of Binance have been facing withdrawal issues due to the recent lawsuit filed by the SEC against the crypto exchange. However, the issues were resolved for a brief period of time, and the exchange asked customers to withdraw, convert, or use their money before the withdrawal window closed.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
