According to unidentified Bloomberg sources, executives from Binance have met with representatives from the Persian Gulf Federation’s special economic zones to discuss the possibility of a transfer of the cryptocurrency. These authorities include the Abu Dhabi Global Market (ADGM), the Dubai International Financial Centre, and Dubai Multi Commodities, to name a few.
Binance is reportedly in talks with banking officials in the United Arab Emirates about establishing a potential headquarters there.
Changpeng “CZ” Zhao, the CEO of cryptocurrency exchange Binance, indicated last month that the business had selected a location for its global headquarters, but that the location would not be announced until the company had spoken with regulators.
Headquarters is UAE
Since its founding in 2017, the exchange has generally avoided establishing a global headquarters. Zhao, on the other hand, intends to establish a large number of global bases in response to regulatory pressure, which has included investigations and consumer warnings from a number of different countries.
Other indications point to the United Arab Emirates as Binance’s desired destination.
As an example, the cryptocurrency exchange Binance has acquired a number of former senior officials from a variety of economic zones. A number of the newcomers to the group include Mark McGinness of the Dubai Financial Services Authority and Matt Gamble of the ADGM. China’s Zhao had previously praised the United Arab Emirates, along with France and Singapore, as being “pro-crypto,” and he had recently purchased his first house in the United Arab Emirates
Incorporating a corporate headquarters
For the world’s largest cryptocurrency exchange by volume, the establishment of a global headquarters represents a significant step forward.
Following Zhao’s appraisal and his two-year stay in Singapore, it appeared to be a no-brainer decision. These plans, however, appear to be in trouble, as the local unit has recently withdrew their request to host an exchange in the area.