Binance’s former CEO CZ shared news related to billions of dollars worth of Bitcoin held by the UAE authorities.
The United Arab Emirates (UAE) is a federation of seven emirates located in the Middle East, along the Arabian Peninsula. Dubai is a popular city in UAE & it is known as the global hub for trade and tourism. Four years ago, crypto trading was banned for UAE citizens, but later, Dubai authorities started an initiative to allow citizens to trade crypto trading but with certain conditions, including knowledge of crypto price volatility.
On 22 Dec 2024, Changpeng Zhao (CZ), the co-founder & former CEO of Binance crypto exchange, shared a website link regarding UAE’s Bitcoin holdings.CZ noted that currently, UAE is holding nearly $40 billion worth of Bitcoin.
The United Arab Emirates (UAE) holds $40 billion in Bitcoin.Source: https://t.co/qcjXOnocTn
— CZ 🔶 BNB (@cz_binance) December 22, 2024
However, the shared source lacks information related to the official source, but CZ said that he is also shocked & not sure whether it is true or not, but he dragged attention toward the list of wealthy people living in UAE.
I also wondered how they came up with the exact number; it's challenging to collect. Higher than I expected, but then again, there are many wealthy people here.
— CZ 🔶 BNB (@cz_binance) December 22, 2024
A Crypto X (formerly Twitter) user claimed that CZ probably helped some UAE-based person to buy Bitcoin in huge amounts. In response, CZ said that when he entered Dubai then, there were a very limited number of companies & a very small number of people were aware of cryptocurrencies, but after his entry in Dubai, within a month, the influx of crypto companies surged rapidly and now, to the date thousands of companies are operating crypto business.
It is worth noting that Binance is headquartered in Dubai & so there is a huge chance that CZ may know that player who is holding this big amount of Bitcoin. However, it will be too early to predict such claims, but we can’t ignore this fact.
Read also: Elon Musk’s SpaceX uses crypto stablecoins to fight against “foreign exchange risks”
