Binance exchange has signed a memorandum of understanding with the Dubai World Trade Centre Authority to assist in fast-tracking its newly announced crypto zone.
The firm is among five other cryptocurrency exchanges to join the Dubai government-owned agency that runs the events and exhibitions venue.
The world-largest exchange says that it would assist firms that provide the blockchain technology and exchanges to get licensed in Dubai.
The company’s CEO, Changpeng Zhao, has been upbeat about the favorable regulatory development in Dubai, being among those who first commented on the announcement. The executive has also purchased a home in the UAE city.
The development comes as a relief to Binance, which has been struggling with regulatory hurdles in jurisdictions like the US, UK, Germany, Canada, and Japan.
DWTCA launched a cryptocurrency hub in United Arab Emirates city on Monday.