The world’s top cryptocurrency exchange is eyeing a move to Dubai, in the midst of its battle with the United States’ Securities and Exchange Commission (SEC).

Binance Dubai General Manager Alex Chehade has said that the UAE is the prime destination for crypto businesses and has noted its pro-crypto stance and policies.

Chehade notes that the UAE is diversifying away from fossil fuels and has turned to cryptocurrency to achieve this. He also expects the influx of young people to the country to contribute to the rapid adoption of cryptocurrency. In a tweet last June 15, Binance MENA retweeted that over 27.7% of the UAE’s population are crypto owners.

Virtual Assets and Financial Diversity

The UAE has its own regulator exclusively for virtual assets, the Virtual Assets Regulatory Authority (VARA). Just last June 15, top crypto exchange OKX received an MVP preparatory license from VARA. MVP stands for ‘minimal viable product’ and a preparatory license allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime.

Binance itself received its own MVP license last September 2022. All of these point to the UAE’s pro-crypto environment and why numerous crypto businesses are eyeing to expand

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Author: Vince Dioquino

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