Binance is in talks with the UAE authorities on the exchange headquarters
Binance CEO Changpeng Zhao is negotiating with the United Arab Emirates regulator for the opening of the exchange’s central office in the country. Binance contacted representatives of the Abu Dhabi Global Market (ADGM), the Dubai Financial Services Authority (DFSA) and the Dubai Multi Commodities to discuss this issue.
Last month, Zhao said that he had already chosen a location for the exchange’s headquarters, but he would officially announce his decision only after the final arrangement on all matters with regulatory authorities.
Binance recently hired several former senior officials from different economic zones; Mark McGinness from DFSA and Matt Gamble from ADGM are among them. Zhao noted that the UAE is a very crypto friendly country. Recently he purchased a real estate property there.
Establishing the headquarters is an important step for Binance. Due to pressure from regulatory authorities of various countries, such as the Netherlands, Korea, Malaysia and South Africa, the company decided to create several central offices.
Previously, Singapore seemed like a natural choice to place the headquarters, as Zhao spoke positively about the country authorities’ attitude to cryptocurrencies. However, now the chances that the central office of Binance will appear in Singapore are extremely small, since the local division of the exchange has withdrawn its application for a license of a digital asset service provider.
According to the Binance CEO, the company is also considering the possibility of allocating its representative office in France and Ireland. Recently, the French regulator described a condition for opening an exchange office. Moreover, Binance is going to obtain a licence for services in the UK.
Patrick Hillmann, Binance representative, stated that negotiations with regulators and parties involved around the world are still ongoing. He noted that the company can establish headquarters in several countries at once. According to him, one of the determinants for the exchange office placing will be the attitude of the country’s authorities to digital currencies.
Zhao also made the case that Binance will furnish its services only in crypto friendly governments. The company going-forward plans toward the headquarters establishment will be announced next year.
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