Alex Chehade, head of business at Binance FZE, Binance's Dubai subsidiary, said that the Middle East's advanced regulatory framework is a major attraction for startups and mature industry players, and the Middle East stands out for regulatory certainty and clarity. In Dubai, there is VARA, a regulatory agency specifically for virtual assets. There is ADGM (Abu Dhabi Global Financial Center) and its virtual asset framework, and the Central Bank of Bahrain accepts cryptocurrencies.
Chehade said Binance currently has about 600 employees in its operations in Dubai and will continue to play a role in promoting the industry. He added that Binance FZE has been operating in Dubai as a regulated exchange for a year and a half and is separated from other global businesses through strict custody and operations.