CZ Praises Gulf Countries for ‘Great’ Regulations, Binance Makes ‘Very Good Progress’ with Regulators Elsewhere

Binance Changpeng Zhao Exchange Regulation

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June 26, 2023 06:55 EDT

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The CEO of the major crypto exchange Binance, Changpeng Zhao (CZ), has said the Gulf countries, including the United Arab Emirates’ financial hub Dubai, have a “great regulatory climate” for crypto, and governments in the region understand that crypto is the future of fintech.

“The government and the leaders here understand that they need this industry […] They are welcoming this industry. They are welcoming us and other industry players,” the CEO said in an interview during the Crypto and Digital Assets Summit, organized by the Financial Times today.

He added that the region understands that it “cannot rely on oil forever,” and that crypto and the blockchain industry stand out as particularly interesting, given its status as “the fundamental pillar of the future of fintech.”

In terms of other regions Binance is seeking to establish a physical presence in, the CEO said many countries want to attract the crypto industry.

He said that he believes Binance is “making very good progress” with regulators around the world, including in Group of Seven (G7) countries.

“I think we will have good news to share in the next coming weeks,” CZ said about the company’s work to establish a presence in a major country, hinting that the country will be in Europe.

European G7 countries include France, Germany, Italy, and the United Kingdom. In April, Binance’s boss praised France for its crypto regulations where it also launched a EUR 100m initiative to develop the local crypto and blockchain industry.

The push to open more physical office locations comes as part of a broader strategy for Binance where the company seeks to follow more of a traditional corporate structure. This includes having physical regional headquarters in order to secure licenses from regulators around the world.

Asked about his relationship with global regulators today, CZ said their communications with regulators “have improved dramatically,” largely thanks to the company hiring “a lot of very senior guys” with regulatory backgrounds.

Lastly, the CEO, whose company until recently claimed not to have any physical headquarters, said Binance now has “three offices in Dubai, one office in Abu Dhabi, one office in Bahrain,” in addition to locations in London and Paris. “And those office addresses are relatively well-known,” he said.

As far as which of the offices serves as the company’s global headquarter, however, the CEO was less clear, and instead said “we’ll announce that soon.”
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