Binance announces partnership with Dubai World Trade Centre

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Binance

Binance, a cryptocurrency exchange, announced an agreement with the Dubai World Trade Centre Authority to establish an international virtual asset ecosystem.

Binance, the world’s largest cryptocurrency exchange by trading volume, stated in a statement that it intended to assist Dubai in developing virtual asset regulations.

The Dubai World Trade Centre (DWTC) announced that it will become a crypto zone and regulator for cryptocurrencies and other virtual assets as the UAE seeks to attract new business amid regional rivalry.

The Dubai World Trade Centre Authority (DWTCA), a free zone in the United Arab Emirates, agreed to a framework in September that would allow it to authorize and license cryptocurrency-related financial transactions.

In October, the Dubai International Financial Centre (DIFC), another Dubai free zone, announced the first phase of a legal framework for digital tokens.

This year, financial regulators around the world have targeted Binance, with some prohibiting the platform from certain operations and others informing users that it is not licensed to operate in their jurisdictions.

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