Binance’s Middle East and North Africa boss Alexander Chehade has said that a “progressive” crypto regime pushed the firm to pick Dubai for its expansion.
On 31 July, Binance received a so-called operational minimum viable product license from Dubai’s Virtual Asset Regulatory Authority, the first crypto exchange to secure the approval.
“We see clear direction from Dubai leadership on crypto,” Chehade told Financial News.
The permissions allow Binance to offer exchange and brokerage services to Dubai-based clients.
Chehade, who heads an office of more than 500 staff in Dubai, said that the government is looking to diversify into new economies, including crypto and Web3.
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In March 2022, Dubai established the Virtual Asset Regulatory Authority to oversee crypto activities.
As of 1 August, the watchdog had provided a license to nine virtual asset firms, according to its public register.
Chehade said that the Virtual Asset Regulatory Authority’s “100% focus” on crypto makes it different from other global regulators, which are attempting to oversee a wide range of assets.
Chehade added that Binance is looking to boost its staking, custody, and derivative offerings to clients.
Binance’s Dubai office includes staff from the firm’s compliance, technology, operations, and marketing teams.
Chehade said that a hybrid work culture was paying off for the business.
“In the Dubai office, people come once or twice a week. We are not forcing people to come to the office five days a week,” he said.
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