Binance in Talks With UAE Regulators for Potential HQ

2021-12-19 22:00

Binance is reportedly in talks with financial regulators in the United Arab Emirates (UAE) about establishing a potential headquarters there.

Binance executives have been holding discussions with officials from special economic zones within the Persian Gulf federation about a prospective move, according to anonymous Bloomberg sources. These authorities include Abu Dhabi Global Market (ADGM), Dubai International Financial Centre, and Dubai Multi Commodities. Binance CEO Changpeng “CZ” Zhao said last month that Binance had chosen a location for its global headquarters but would only announce it after communicating with regulators.

There are other indicators that would underscore the UAE as Binance’s choice. For instance, Binance recently acquired former senior officials from a few of the economic zones. These include hires such as Mark McGinness from Dubai Financial Services Authority, and Matt Gamble from ADGM. Earlier, Zhao had praised the UAE as being “pro-crypto,” along with France and Singapore, and recently bought his first home there as well.

Establishing HQ

Establishing global headquarters is a major milestone for the world’s largest cryptocurrency exchange by volume, as it has largely eschewed having one since its inception in 2017.  However, following regulatory pressure, including probes and consumer warnings from several countries, Zhao plans to create several global bases.

Singapore seemed like a natural choice, following Zhao’s appraisal and his residency there for the past two years. However, these plans now seem unlikely, as the local unit recently withdrew its application to operate an exchange there.

Binance spokesman Patrick Hillmann said that “meaningful conversations” with governments, and key stakeholders around the world were ongoing. “We are considering several potential strategies, including possibly establishing multiple regional headquarters,” he added. In addition to different regional approaches, Hillmann emphasized that access to local talent and a fostering environment for blockchain technology were also key considerations. He concluded and any major announcements on further HQ plans would come next year. 

The post Binance in Talks With UAE Regulators for Potential HQ appeared first on BeInCrypto.

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binance potential talks regulators uae within gulf

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