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The U.S. Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase in early June have begun to significantly shift the balances in the crypto ecosystem. The SEC, accusing both entities of violating securities laws, has drawn both praise from certain regulators and heavy criticism from numerous names within the crypto ecosystem.
Binance, currently the largest cryptocurrency exchange in terms of trading volumes in the crypto ecosystem, made a series of announcements following these developments and criticized the SEC’s current stance. Furthermore, according to a statement given by Alex Chehade, the general manager of Binance Dubai, Binance has considered establishing a Web3 hub in the United Arab Emirates (UAE) and expanding its operational activities in the UAE following recent developments in the U.S.
Statements from Binance Dubai Officials
In a statement to Cointelegraph, Binance Dubai’s general manager, Alex Chehade, suggested that the UAE has emerged as an option for crypto companies to establish a Web3 hub and expand operational activities due to its positive stance on digital assets and a clear regulatory framework.
The official, emphasizing that large businesses need predictability, planning, and budget, stated that the exchange has put expanding its operations in the UAE on its agenda. He also proposed that crypto adoption in the UAE continues to increase over time.
