Binance, the biggest crypto exchange in terms of trading, is reportedly hiring for over 100 positions in the United Arab Emirates (UAE). The crypto exchange and trading platform is also helping to shape new virtual asset protocols in Dubai, as reported by its regional head.
As per sources, Binance’s relations with the Gulf nations has strengthened in the last few months as the UAE attempts to portray itself as the new digital asset hub of the world and forms regulations.
Richard Teng, MENA Head of Binance stated that the recent move is an advanced framework, and the team is thrilled to be a part of this process and work closely with the administration of Dubai.
Richard mentioned that more regulators across the globe should adopt the public-private sector partnership approach which Dubai has.
Reportedly, the UAE’s crypto inclination sets off as the global authorities raise concerns about the use of cryptocurrencies in various crimes and money laundering.
According to credible sources, the United Arab Emirates has been grey listed of jurisdictions under increased monitoring by Financial Action Task Force (FATF), a financial crime watchdog.
Binance, since its establishment in 2017, has been facing scrutiny from financial and government watchdogs evaluating the vast cryptocurrency industry which has prospered in an unregulated environment.
As per reports, Binance maintains universal standards on anti-money laundering in terms of KYC and global sanctions.
For the record, Binance doesn’t have any headquarter and has neither identified which entity monitors its main exchange, but Changpeng Zhao, Binance CEO, has expressed to set up numerous regional centres.
The organization is also helping the financial free zone in Dubai to develop a virtual asset ecosystem.
Dubai, regional trade hub and one of the UAE’s seven emirates, allegedly issued its first digital asset law and formed the VARA (Virtual Asset Regulatory Authority).