Binance to tie up with Dubai on crypto activities, BT reports

Binance will soon sign a memorandum of understanding with Dubai’s government for crypto-related activities, the Business Times reported, citing unidentified individuals with knowledge of the matter.

Dubai is regarded as a candidate for the company’s global headquarters, and the company has been strengthening ties with the United Arab Emirates, according to the report. CEO Changpeng Zhao also recently met with heads of the Dubai Blockchain Centre and the Dubai Police’s virtual assets crime section, the newspaper said.

A Binance spokesperson said the company’s having conversations with governments and key stakeholders in various markets, but declined to comment on the issue of its headquarters, adding that it would release official statements to inform about developments when appropriate.

Binance, the world’s biggest cryptocurrency exchange, is facing increasing regulatory scrutiny worldwide as interest in the asset class grows.

Binance’s Singapore affiliate on Monday withdrew its application to run a bourse in the city-state. The company also recently confirmed that it is in investment talks with sovereign wealth funds, which Zhao said may help to improve its “perception and relationships” with various governments.