Is Dubai the New Crypto Center? Binance’s Success Led to Further Expansion

With Binance’s success and its efforts to bring large technology executives to Dubai, Dubai is seeking to further establish itself as a cryptocurrency center.

“We see that employees of traditional financial institutions have a lot of interest and want to work for us,” said Richard Teng, regional head of Binance in the Middle East and North Africa. “We’re actually recruiting some of them.”

Recent recruits include Vishal Sacheendran, a former banker at Bank of New York Mellon Corp., who is now Binance’s Middle East and North Africa director in the UAE. Robbie nakami joined the company’s senior consultant in Dubai at the end of last year after nearly a decade as an M & a lawyer.

The Rise of Cryptocurrency Investment Funds

In addition to Binance, financial professionals have been making their own efforts to enter the field of cryptocurrency.

In 2017, Bank of America Alumni Ahmed Ismail and Chris frinos launched hayvn, a digital money investment bank in Abu Dhabi. Ismail described how several banker friends had recently left their positions to start a cryptocurrency investment fund.

16 years later, Amir tabch, former head of global markets at UAE investment bank, left the traditional banking industry and became the current CEO of security capital, a defi brokerage firm in Abu Dhabi. Tabch is currently looking for more bankers to help “bridge” the gap between traditional and digital finance.Ismail also stressed that the environment of the UAE makes it particularly conducive to this leap.

“It all starts from scratch,” Ismail said. “We have witnessed the great efforts made by the UAE in developing world-class infrastructure and regulatory environment, making cryptocurrency companies thrive and call them home.”

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Does Dubai Becomes the New Cryptocurrency Center?

Binance recently established its de facto headquarters in the UAE. Zhao CHANGPENG, the company’s chief executive, said that according to any ordinary explanation, Dubai has become the company’s headquarters.

In March this year, the world’s largest cryptocurrency exchange, after obtaining similar approval in Bahrain, has obtained a license to operate in Dubai. Since then, after Abu Dhabi obtained further approval, it has expanded its business in the United Arab Emirates.

The UAE’s cryptocurrency friendly policy has also attracted many similar cryptocurrency funds and exchanges.Before Binance was approved, the rival exchange FTX became the first cryptocurrency exchange to win Dubai. After that, crypto. Com, a cryptocurrency trading platform, followed closely COM and bybit, which announced their expansion plans on March 28.
Bitoasis, based in Dubai, was also approved. Ola Doudin, CEO, commented that the government is committed to establishing a safe operating environment.

While giving priority to security, the UAE government has been trying to create a favorable business atmosphere for cryptocurrency companies. So far, these efforts have shown enough persuasion to allow three arrows capital, a cryptocurrency hedge fund, to move its headquarters from Singapore to Dubai.