Binance, the largest crypto exchange by trading volume, is recruiting more than 100 positions in the United Arab Emirates (UAE) and helping shape Dubai’s new virtual asset rules, its regional head said.
Binance’s relationship with the Gulf states has grown in recent months as the UAE tries to style itself as the world’s new digital asset hub and develop regulations.
“It is a very progressive framework and we are very happy to be a part of that process, working very closely with the Dubai government,” said Richard Teng, head of MENA Binance. “I hope more regulators around the world adopt this Dubai -owned approach – a public -private sector partnership.”
The UAE’s push for cryptocurrency comes as international authorities voice growing concerns about the use of cryptocurrency in money laundering and other crimes.
The UAE in March was placed on a ‘gray list’ of jurisdictions under enhanced monitoring by the financial crime watchdog, the Financial Action Task Force (FATF).
Binance, since its inception in 2017, has faced scrutiny from governments and financial watchdogs that assess the broader cryptocurrency industry that has thrived in a largely unregulated environment.
“Binance upholds global standards on money laundering prevention, in terms of global sanctions, in terms of KYC (Know Your Customers),” Mr Teng said.
The firm is currently recruiting more than 100 UAE positions, Teng said and LinkedIn vacancies were indicated, after being licensed by Dubai’s new virtual assets regulator this month.
CEO Changpeng Zhao is a regular visitor to the UAE and has said he bought the house last year. The firm is also helping Dubai’s financial free zone develop a virtual asset ecosystem.
But Teng would not specify whether Dubai would be the headquarters.
Binance said it has no headquarters and has not identified which entities control its key exchanges, although Mr Zhao has said he wants to set up several regional centers.
“Certainly Dubai is a very important hub that we are looking at to consider different options in the future,” he said, adding “internal discussions” are ongoing about where Binance’s base will be.
Dubai, one of seven UAE emirates and trade hubs in the region, in March issued its first digital assets law and formed the Virtual Asset Regulatory Authority (VARA).
It recently licensed Binance and global heavyweight partner FTX Europe and companies like crypto.com are setting up offices.
Teng took on the role of MENA in December, moving from a brief stint in Singapore where Binance late last year withdrew its application to be licensed under the new regulatory regime.
Authorities had previously warned that Binance may be violating local laws and should stop providing payment services to Singaporeans.
(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)