Binance CEO buys his home in Dubai, hinting where Binance’s headquarters will be

    01 Dec 2021

    The CEO and founder of Binance, Changpeng “CZ” Zhao, recently revealed he bought his first home last month in Dubai, a city he describes as “very pro-crypto.” He also confirmed that Binance has decided on a location for its global headquarters. New property in Dubai may have hinted where Binance’s headquarters will be located.

    Zhao said he bought his first home in Dubai to show support for the crypto-friendly city.

    “The government there is very progressive, and it’s a very good business environment,” he told Bloomberg on the sidelines of the Bloomberg New Economy Forum in Singapore. “I want to show that we are committed to the place, so I bought an apartment there” in October.

    The purchase comes despite his repeated vows to avoid any attachments to material possessions. On Friday, the 44-year-old billionaire reiterated plans to give away more than 90% of his wealth.

    “I want to show that we are committed to the place, so I bought an apartment there,” he said, declining to disclose the price tag. In an interview earlier this year, Zhao said he didn’t own a house or car, considering such things “illiquid.”

    While he will be spending more time in the Middle Eastern business hub, Zhao said he remains committed to Singapore, where a local affiliate has applied for an official license to operate.

    His choice of residence may provide a clue on the location of Binance’s headquarters. Founded in China in 2017, Binance Holdings Ltd. hasn’t set up a global base yet. Instead, Zhao has incorporated firms in locations where Binance operates, including Singapore, where he’s been based for two years.

    In a separate interview at the Bloomberg forum, he told Erik Schatzker that Binance has decided on a location for its global headquarters and will announce it after communicating with regulators.

    “I am not saying this is where we will definitely base our headquarters,” Zhao added. “But for example, if you look at the UAE, if you look at France and Singapore, these regions are all very pro-crypto.”

    Dubai is vying with Singapore, Switzerland, and other countries to become a global hub by setting up a so-called free zone to support the trading of crypto assets. It’s also looking to issue a regulatory framework that will include licensing for crypto trading.

    Many crypto companies have chosen Dubai to set up their headquarters because of its attractive cryptocurrency-friendly regulations, and the ease users can create and trade.

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