Binance CEO Richard Teng Talks Securing Full Crypto Permit in Dubai
Apr 18, 2024
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Binance CEO Richard Teng discusses securing a full crypto permit in Dubai, emphasizing collaboration with regulators. Topics include headquarters selection process, Bitcoin volatility, long-term bullish outlook, corporate control amidst detainment, and acquiring a new license in Dubai.
Binance CEO Richard Teng secured a full crypto permit in Dubai, expanding services to institutional clients and retail customers.
Teng is optimistic about the future of cryptocurrencies, citing increasing institutional investments and expecting accelerated adoption rates globally.
Deep dives
Expansion of Binance into Dubai's market with full licensing
Binance CEO, Richard Tang, announced securing a full license with the Dubai Virtual Asset Regulatory Authority, enabling the company to offer its range of services to various customer segments in Dubai. This includes institutional clients, high net worth individuals, and retail customers. Tang emphasized the significance of this development in fostering a vibrant crypto ecosystem in Dubai, highlighting the accessibility of crypto markets round-the-clock, compared to traditional markets.
Bullish long-term outlook for cryptocurrencies despite market volatility
Tang expressed optimism about the long-term prospects of cryptocurrencies, citing increasing institutional investments and regulatory clarity in various jurisdictions as driving factors. Despite recent market volatility due to geopolitical tensions and inflation concerns, Tang remains positive about the industry's trajectory. He discussed the unique characteristics of the current market cycle, anticipating accelerated adoption rates globally and attracting new investors to the asset class.
Binance received its long-sought full crypto license in Dubai after co-founder Changpeng “CZ” Zhao agreed to give up voting control in the local entity. Binance CEO Richard Teng talks about that and more with host Vonnie Quinn, from Dubai.