Global: Dubai World Trade Centre to set a crypto regulatory framework

Crypto exchange Binance has signed a memorandum of understanding with the Dubai World Trade Centre authority to help it establish a crypto regulatory framework, according to The Block.

Binance said it will share its experience in collaborating with global regulators with the authority to aid the development of ‘progressive’ crypto regulations. The Dubai Media Office announced that the Dubai World Trade Centre is set to become a crypto regulator in the United Arab Emirates (UAE). The centre will set up crypto regulations to deal with anti-money laundering standards and track cross-border transactions.

Binance’s partnership with the centre comes amid reports that the exchange is planning to set up headquarters in the UAE. Binance has reportedly been in talks with officials from special economic zones Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and Dubai Multi Commodities Centre in that regard.

Founded in China in 2017, Binance is a crypto exchange without a head office. Instead, the exchange has incorporated firms in several locations worldwide, making it difficult for regulators to establish jurisdictions over the company.

Binance has faced probes and consumer warnings in several countries, including the US, UK, Japan, Singapore, Germany, and Italy.