Binance is hiring over 100 positions in the UAE

    05 Apr 2022

    Binance, the largest crypto exchange by trading volume, is recruiting over 100 positions in the UAE and is helping to shape Dubai’s new virtual assets’ regulations, its MENA regional head said.

    As Reuters reported, Binance’s activity in the Gulf state has boosted in recent months as the UAE tries to style itself as the world’s crypto hub and develops regulations.

    In March, Dubai issued its first digital assets law and formed the Virtual Asset Regulatory Authority (VARA).

    “It is a very progressive framework and we are very happy to be part of that process, working very closely with the Dubai government,” said Richard Teng, Binance’s MENA head. “I wish more regulators globally adopt this approach that Dubai has – a public-private sector partnership.”

    The UAE’s crypto push comes as international authorities voice growing concerns about the use of cryptocurrencies in money laundering and other crimes.

    “Binance upholds global standards on anti-money laundering, in terms of global sanctions, in terms of Know Your Customer (KYC),” Teng said.

    In his words, the firm is currently recruiting for more than 100 positions in the UAE after being licensed by Dubai’s new virtual assets regulator this month.

    Binance CEO Changpeng “CZ” Zhao – a regular visitor to the UAE – has said he bought a home last year. In December, the firm signed a partnership with the Dubai World Trade Centre Authority (DWTCA) to help it set up and regulate an international virtual asset ecosystem.

    “Definitely, Dubai is a very important hub that we are looking at to consider different options going forward,” Zhao said, adding that “internal deliberations” continued on whether Dubai will be Binance’s headquarters.

    Teng, who took the MENA role in December, moved from Singapore, where Binance last year withdrew its application to be licensed under a new regulatory regime.

    Aside from Binance, the popular crypto exchange FTX has received new licenses to operate in Dubai and Bahrain. Patrick Gruhn, head of FTX Europe, also said that this represents a “major achievement” for FTX, adding that the European affiliate intends to expand its presence in the MENA region and establish a regional headquarters in Dubai.

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