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Biggest Crypto Exchange Braces for Competition in Its Dubai Hub

  • Binance CEO says more employees, competitors will move to UAE
  • The exchange isn’t used by any sanctioned Russians, Zhao says
Changpeng Zhao
Changpeng ZhaoPhotographer: Bryan van der Beek/Bloomberg

Binance Holdings Ltd. expects some of its top competitors to set up headquarters in its unofficial home jurisdiction of Dubai, drawn by the sun-splashed emirate’s crypto-friendly policies.

Changpeng ‘CZ’ Zhao, the firm’s co-founder and chief executive officer, said in an interview that at least five other exchanges are applying for licenses in Dubai, following recent approvals for Binance and the Bahamian exchange FTX.