The world'due south largest cryptocurrency trading platform, Binance, is amid the start crypto exchanges to join a new crypto hub established by the Dubai World Trade Center Authority (DWTCA).

Binance officially appear it had signed a memorandum of understanding with the DWTCA the next day afterward the latter had officially appear the launch of a comprehensive zone for crypto in Dubai on Mon.

As role of its membership in the DWTCA's initiative, Binance will help the authority outline the vision of "accelerating the set-up of a new industry hub for global virtual assets," the company said in the announcement.

Binance will also aid advance Dubai'south commitment to establishing a new international digital asset ecosystem to enable long-term economic growth with digital innovation, the business firm said, adding:

"Binance believes that Dubai's new agenda will contribute to the growth of the global economy. The goal is to assist crypto exchanges, businesses that offering blockchain and distributed ledger technology services, and a wide range of digital currencies and assets to become licensed in Dubai."

Binance CEO Changpeng Zhao has recently grown interested in regulatory developments around crypto in Dubai. He was among the starting time people in the crypto community to written report on DWTCA's new crypto initiative on Monday. Zhao too reportedly bought his first home in Dubai in October.

Binance's cooperation with the DWTCA could be meaningful for the crypto exchange, as the company has been struggling to establish relationships with several global financial regulators that have scrutinized the exchange earlier this twelvemonth.

Related: Binance plans to become registered United kingdom of great britain and northern ireland firm despite regulatory setbacks

As previously reported, Binance had to suspend some of its services amongst dozens of global financial regulators issuing warnings against the crypto substitution. Some of the countries that flagged Binance's operations include Germany, Italia, the United States, the United Kingdom, Canada, Japan, Poland and others.