The largest crypto trading platform in the world, Binance, has signed a deal with the Dubai World Trade Centre Authority (DWTCA). The deal aims to successfully establish a virtual asset ecosystem on an international scale. The signing of this deal has made Binance one of the world’s first crypto exchanges to join the new crypto center of DWTCA.
Binance announced the deal and stated that it will work with the DWTCA to accelerate the set-up of the Global Virtual Assets industry hub in Dubai. Changpeng Zhao, the Binance CEO, tweeted ‘Dubai’ after the signing of the agreement was completed.
A free zone in the UAE, the DWTCA has the power to authorize and license financial transactions related to crypto. According to Binance’s representatives, Dubai’s agenda of creating an international ecosystem for virtual assets is set to result in significant growth of the world economy. The company will also assist in the development of legislation of virtual assets, and its experience will be shared with worldwide regulators.
While this deal makes for great news for Binance, it’s safe to say that 2021 hasn’t really been Binance’s year, as it has drawn non-stop flak from financial regulators around the world. Critics have cited malpractices and several financial regulators have banned the platform altogether from conducting certain operations. Some of the countries to have flagged the company’s operations include Italy, Germany, the United Kingdom, the United States, Poland, Japan, and Canada.
All in all, Binance’s deal with the DWTCA may repair some of the damage the company has sustained in terms of its reputation.