Binance is shifting its focus to the United Arab Emirates (UAE) following recent enforcement actions in the United States. The UAE is seen as an attractive destination for crypto businesses due to its favorable stance on digital assets and clear regulatory framework. The general manager of Binance Dubai, Alex Chehade, stated that the UAE’s senior leadership aims to establish the region as a hub for web3 and diversify away from fossil fuels, with cryptocurrency playing a crucial role. The well-defined crypto regulations in the UAE provide certainty and stability for Binance’s operations, especially in contrast to the ongoing legal disputes with US regulators. The Virtual Assets Regulatory Authority (VARA) has been instrumental in driving interest in cryptocurrencies in the region, offering a clear framework for individuals and businesses. The influx of young expatriates to the UAE also contributes to the rapid adoption of cryptocurrencies, as they have a more favorable mindset towards virtual assets. Binance obtained a preparatory license from VARA, positioning itself for further expansion in the UAE market and aiming to establish the region as a prominent hub for the crypto industry.
Continue reading on Crypto.news
