Binance, the world’s biggest crypto exchange, recently announced a partnership with the DWTCA (Dubai World Trading Centre Authority.) The deal will see Binance collaborating with the DWTCA to boost Dubai’s plan to establish an international virtual asset ecosystem.
As soon as the news was released, traders looked for a full review of the Binance exchange to understand its functionalities. The collaboration will support the long-term growth of the region with digital innovation.
Binance released an official tweet announcing the deal with the DWTCA. The tweet stated that the deal would prepare a framework for the vision of speeding the Global Virtual Assets’ new hub. In addition, Binance stated that the exchange intends to help trading platforms and ventures that provide Distributed Ledger Technology and blockchain solutions alongside different virtual assets and currencies to get licensed in Dubai.
Changpeng Zhao, Binance CEO, also talked about the development a few days ago. Although Zhao’s tweet on 21st December only read one work – Dubai. The Dubai World Trading Centre Authority is a free zone in the UAE.
Back in September, the venture agreed to an infrastructure that would allow it to license and authorize crypto-related financial transactions. Dubai International Financial Centre is another free zone that released its first stage of the framework that regulates digital tokens.
Binance believes that Dubai’s plan to establish an international trading center will help the world economy. That is why the exchange would offer its experience and resources to help them engage with global regulators.
Binance has faced severe repercussions in multiple regions for a while, with several bans and fines. However, the latest development will undoubtedly help it regain momentum. With nations like Poland, Japan, Canada, the UK, and the US bailing on Binance, a deal with Dubai would work amazingly for the exchange.