Crypto giant Binance is in discussions with officials from the special economic zones of Abu Dhabi Global Market, Dubai International Financial Centre and Dubai Multi Commodities Centre about a potential headquarter. ADGM made a «compelling case with their quick rollout of a virtual asset framework and recent incentives to lure financial technology firms. Binance executives have been holding discussions with officials from special economic zones within the Persian Gulf federation about a prospective move. Binance had chosen a location for its global headquarters but would only announce it after communicating with regulators.
There are other indicators that would underscore the UAE as Binance’s choice. For instance, Binance recently acquired former senior officials from a few of the economic zones. These include hires such as Mark McGinness from Dubai Financial Services Authority, and Matt Gamble from ADGM. Earlier, Zhao had praised the UAE as being “pro-crypto,” along with France and Singapore, and recently bought his first home there as well. Establishing global headquarters is a major milestone for the world’s largest cryptocurrency exchange by volume, as it has largely eschewed having one since its inception in 2017. However, following regulatory pressure, including probes and consumer warnings from several countries. In addition to different regional approaches, access to local talent and a fostering environment for blockchain technology were also key considerations.