Binance, a cryptocurrency exchange, announced on Tuesday that it has reached an agreement with Dubai World Trade Centre Authority, which is seeking to establish an international virtual asset ecosystem. As the United Arab Emirates strives to attract new companies despite the regional rivalry, the Dubai World Trade Centre (DWTC) said on Monday that it will become a crypto zone and regulation of cryptocurrencies among other virtual assets.
All About Binance
Binance is a cryptocurrency exchange that presently has the greatest daily cryptocurrency trading volume in the world. Founded in 2017, it is headquartered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously built high-frequency trading software. Binance was formed in China, but once the Chinese government strengthened its hold on cryptocurrencies, the company relocated its offices outside of the nation.
Binance has launched two cryptocurrencies: Binance Coin (BNB) in June 2017 and Binance Smart Chain (BSC) in September 2020, both of which it created itself. The Binance Smart Chain employs a mix of proof of stake and proof of authority known as “Proof of Staked Authority.” The list now has 21 validators. In 2021, Binance Coin was the third-largest cryptocurrency in terms of market capitalization. Binance Coin may be used to pay for fees on the exchange.
All About the News
In a statement, Binance, the world’s largest cryptocurrency exchange by trading volume, stated that it intended to help Dubai build virtual asset rules. ” The goal is to make it easier for crypto exchanges, corporations that provide blockchain and DLT services, and enterprises that provide a wide range of digital currencies and assets to obtain a Dubai licence” it stated. Binance has been pursued by financial regulators throughout the world this year, with some barring the platform from particular operations and others notifying users that it was unauthorized to do so.
CEO Changpeng Zhao responded by saying in July that he wants to mend ties with regulators.
The Dubai World Trade Centre Authority (DWTCA), a so-called free zone in the UAE, agreed to a framework in September that would allow it to accept and licence crypto-related financial transactions. Another Dubai free zone, the Dubai International Financial Centre (DIFC), announced the first phase of a legal framework for digital tokens in October.
“We want to establish a regulatory framework adequate to meet the fast-moving and progressive nature of virtual assets,” Zhao added, citing his leadership position and skills, as well as Dubai’s long-term goal. He also added “We want to establish a regulatory framework adequate to meet the fast-moving and progressive nature of virtual assets,”, citing his leadership position and skills, as well as Dubai’s long-term goal.