Join (WEB3+) as we unbox the Binance office!
As a global leader in cryptocurrency exchanges, Binance has achieved countless significant milestones. However, the rarely disclosed office locations add a layer of mystery to the 'Binance Headquarters'.
This time (WEB3+) visited Dubai for an exclusive interview, making it the second media outlet from Taiwan to unbox Binance's new office.
On a hot afternoon, led by a Binance employee, we finally entered the Binance office. After taking the elevator upstairs, the first thing that comes to mind is, ‘Why is there no one here?’
Since Binance allows employees to work flexibly and remotely, the number of people working in the office each day is actually quite low. On an entire floor, perhaps less than 40 employees use the space regularly.
Even so, many design details in the office space still convey a strong 'Binance feel'. The overall office design combines Binance's bright color scheme, appearing minimalist and modern, with numerous Binance peripherals and logos visible on the walls.
Moreover, each meeting room is named after Binance's core principles and cryptocurrencies, bringing a smile to those who see them.
The open office area is bright and spacious, allowing employees to communicate and hold discussions freely. Additionally, there are relaxation areas with board games and dining areas stocked with drinks and snacks, enabling employees to take breaks and recharge.
‘Do you need help?’ While wandering around the office, a woman suddenly opened the meeting room door and asked, and she is none other than Stephanie Emile, the General Manager of Binance Dubai and one of the interviewees.
Why choose to establish an office in Dubai?
Binance's employees are spread across the globe, with the most important 'headquarters' located in Dubai.
The global virtual asset market is rapidly expanding, and Dubai, as a regional center for technology and financial innovation, has attracted numerous virtual asset companies.
Stephanie Emile, General Manager of Binance Dubai, stated that this is mainly due to the establishment of the Dubai Virtual Asset Regulatory Authority (VARA).
VARA is a regulatory body specifically established for virtual assets and cryptocurrencies. The regulatory framework in Dubai has developed over many years, not only referencing traditional financial regulation models but also integrating the unique needs of Web3 technology to ensure sufficient protection and support for virtual asset development without restricting technological innovation.
‘VARA has found an excellent balance between user protection and business viability, ensuring that regulation protects user rights without overly restricting technological development,’ added Bader Kalooti, Binance's Director of Expansion and Operations for the Middle East and North Africa.
Bader believes that overly strict regulation could hinder technological development and even make the market less attractive for the virtual asset industry. Dubai's regulatory model has successfully found a balance between these two aspects. Through VARA, Dubai has created an environment that protects users without restricting technological and commercial innovation.
This regulatory approach not only attracts tech experts but also draws in participants from government departments, traditional financial institutions, and Web2 companies, paving the way for the popularization and application of blockchain technology.
What key factors are needed to become a global hub for Web3?
In recent years, an increasing number of countries aspire to become global hubs for Web3, not only to secure a foothold in the emerging digital economy but also because Web3 technology has the potential to transform various industries.
Bader believes that to become a global cryptocurrency hub, it is crucial to have funding, a regulatory framework, the ability to attract and cultivate talent, and to build a cohesive community. All these factors are indispensable.
Any disruptive new technology, such as cryptocurrency, must initially establish product-market fit. Once the market reaches a certain scale, regulatory agencies will intervene to set relevant rules to ensure the long-term development of the market. This process also applies in the Web3 domain.
Over the past five years, the Web3 industry has proven its market adaptability, and regulatory frameworks across countries are gradually improving to further facilitate widespread adoption.
Therefore, at this stage, having a comprehensive regulatory system is the most important factor in becoming a hub for the Web3 industry.
Bader stated that this is not only to protect users but also to provide clear rules for market participants to follow, which helps attract more businesses and investors.
Secondly, funding support is crucial. A successful cryptocurrency hub requires substantial backing from Web3 funds or government funds to enable startups and businesses to continually experiment and develop the next market-leading applications.
When funds and projects gather, top talent will naturally be attracted to this ecosystem.
What’s different about the Web3 community in Dubai?
Compared to other countries and regions, Dubai's Web3 community appears more inclusive.
Currently, the global penetration rate of cryptocurrency is only 5%, but Dubai is one of the regions with the highest cryptocurrency penetration rates globally. Bader revealed, ‘About 20% of the local population uses cryptocurrency for trading.’
Such high usage rates are attributed not only to a robust regulatory framework but also to the strong support from the Dubai government for blockchain technology. Most players in the crypto space are young males, but in Dubai, the demographic of crypto players is more diverse.
Bader stated that the Web3 community in Dubai includes not only traditional cryptocurrency believers but also government agencies, businesses, and participants from the traditional finance sector.
Thus, users in the Web3 industry are not only traditional cryptocurrency enthusiasts but also users from various fields.
This diverse mode of participation has made blockchain technology no longer the exclusive domain of tech experts. Over time, it has gradually permeated into everyday users and commercial applications, enabling the true popularization of Web3 technology.
As for the cryptocurrency fraud issues troubling governments and users worldwide, they certainly exist in Dubai as well; however, Dubai's regulations do help curb and reduce the occurrence of such incidents.
‘The impact on users here is relatively small due to regulation and strict compliance laws,’ Stephanie further explained, ‘I believe fraud usually occurs because people want quick returns without fully understanding the risks, but regulation can genuinely improve this situation.’
Regarding whether cryptocurrency can truly achieve widespread adoption in the next five to ten years, or if blockchain technology can launch a globally impactful application, Stephanie believes that blockchain will serve as an underlying technology, and users will not need to know how it operates while still maintaining high security.
‘Using blockchain technology without users knowing is the ultimate goal for driving mass adoption, as blockchain technology currently seems very complex and has a high entry threshold,’ Bader continued, ‘But you know, that’s our job; our ultimate goal is to remove all barriers for users to enter the Web3 world.’
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