Binance Headquarter Plan for UAE
Trusted resources have informed that a virtual establishment that goes by ‘Binance holdings Ltd’ has recently been holding discussions with notable people. The said discussions have been held with regulators of the UAE about a proposition of potential headquarters in the country.
According to sources that wish to stay anonymous for the time being, talks are being held between the executives of Binance Holdings Ltd and the executives of economic zones such as ADGM, Dubai Multi Commodities Centre, and Dubai International Financial Centre. The talks are centering around plans to make a potential move.
From the looks of company announcements and LinkedIn profiles, it is safe to say that Binance has probably been tapping previous senior officials in the economic zones. Namely Matt Gamble from ADGM and Dubai Financial Services Authority’s Mark McGinness.
The establishment of a global headquarter is a big step for the company. Originating in 2017 in China, Binance grew into a notable powerhouse for crypto currencies. However, they never established a head office. That is, till now.
The company’s co-founder Changpeng Zhao expressed in a dialogue that Binance will be improving its compliance and licensing procedures as well as setting up multiple headquarters.
Despite having a major presence in Singapore, it is unlikely that their headquarters will be based there. This is due to a recent setback the company faced when the local unit backed down from an application to run an exchange.
A compelling case was made by the executives at a Freezone called Abu Dhabi Global Market when they rolled out of an asset framework.
ADGM expressed its openness towards all the local entities and also the global players that are looking to access opportunities in the locality. They went further to state that their regulatory framework for assets is designed for custodians, exchanges, intermediaries, and such.
Binance’s co-founder Changpeng Zhao has recently purchased a house in Dubai. He seems to like its pro-crypto attitude. Dubai is currently competing with Switzerland and Singapore to make itself a global crypto hub. A remarkable target was set by the Dubai Multi Commodities Centre to bring in 1000+ crypto companies by the coming year. DMCC is already working significantly on the crypto market as evidenced by a recently published crypto currency report by DMCC.
It is no easy task to look for a suitable place to set up a headquarters. Binance will have to reason with regional officers to ensure balance in the global regulatory and the potential emergence of new players under their jurisdiction.
Patrick Hillman, Binance’s spokesperson recently stated: “We are considering various strategies and options including the establishment of multiple regional headquarters around the world”. He further added that local universities’ dedication to supporting blockchain curriculum and is part of the factors being considered by the company.
Last month, Zhao revealed during an interview at Bloomberg New Economy Forum that Binance has made a decision concerning the location of its global headquarters. He further stated that it will be revealed after some discussion with regulators. Notably, he pointed out France, Singapore, and UAE as some examples of ‘pro-crypto’ regions.