Binance eyes United Arab Emirates as ‘focal point’ for future operations
The United Arab Emirates is becoming the next big focus for Binance in the wake of a slew of enforcement actions in the United States against the crypto exchange.
Speaking to Cointelegraph, Binance Dubai general manager Alex Chehade said the UAE is a prime destination for crypto businesses seeking a clear path forward and noted its friendly stance toward digital assets.
“Binance 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
Ultimately, the clear crypto regulations in the UAE make the region attractive to exchanges like Binance, which is currently wrestling with legal disputes from regulators in the U.S., including the Securities and Exchange Commission, and the Commodities Futures Trading Commission.
“Binance is here [in the UAE] because we’ve been given the surety that we can set up operations and build for the future,” he explained, adding:
Chehade noted the UAE’s Virtual Assets Regulatory Authority (VARA) as a key driving force behind the surge of crypto-related interest in the region.
“There’s a clear framework for people and businesses to engage with, whereas you’re just not seeing as much of that elsewhere,” he said.
Beyond regulation, Chehade said the influx of young people moving to the UAE could see the region more rapidly adopt crypto than other digital asset hubs.
Here is an interesting piece of statistics for you to consume, showing the UAE ranking 1st in crypto owners, globally, in % of population. https://t.co/XZveSPRbLw
“The two key drivers are that lots of expatriates are moving here from Europe and Asia, and the overall demographic is
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