- The senior executive officer of Binance Abu Dhabi talks about the exposure of the UAE to crypto assets.
- He answers questions that seek insights into the regulatory actions and other developments in this space.
From entertainment to sports, many domains found Gulf as a perfect place to flourish. In particular, Abu Dhabi is one of the prime destinations that everyone talks about when they talk about progress in the Arab countries. Apparently, it is becoming a hub of trade and opportunities for the whole world. The leading cryptocurrency exchange Binance has also found something similar in this region.
In an interview given to Forkast’s Maha Shah, the senior executive officer Dominic Longman talks about the growth of the digital asset industry in this land. Here’s an excerpt of the interview in the form of questions and answers.
In conversation with Dominic Longman
The following questions and answers put forward his perspectives on the growing crypto scenario in Abu Dhabi.
Q: How do you see the growth of digital assets in the UAE?
A: In Abu Dhabi, things are getting better for the crypto firms for the last few years. The government here supports crypto-based ventures and focuses on the industry’s overall growth. Also, the country sees new entrepreneurs paving the way for new innovations. Meanwhile, major players like Coinbase, R3, Komainu, and Zodia have set up their base here.
Q: What are your views on SEC’s recent crackdown against Binance and Coinbase?
A: Here, we must understand those actions are mainly against the Binance US. The branches spread out in the rest of the world will not be affected by it. Binance Abu Dhabi acquired its license in November and has worked harmoniously with the authorities. Moreover, we are attracting institutional entities, retail clients, and many other investors.
Q: Are the lawsuits against the leading exchanges in the US affecting the crypto operations here?
A: Nope, not at all. For us, it’s business as usual. As I said, this one is a separate entity, and we have no legal tussle with the regulators here. We have received a huge amount of support from the government here. They oversee many operations and ensure we’re on the right track.
Q: The SEC has listed some cryptocurrencies as unregistered securities in the US. Will that also have an effect here?
A: I genuinely think this is a phase and will be over soon. The regulators in the United
States will come to their senses soon and realize that crypto operations are not harming the country. Once the government comes with a set of regulations, it will be easy for everyone to go about their businesses.
Q: Do you think the innovation comes from the United States to Asia?
A: I can’t say that it’s happening. However, I’ve stumbled upon some brilliant projects developed here in this country. Also, the government’s support has played a significant role in enthusing the startups here. They have offered assistance with costs, resources, and even rent.
According to Dominic Longman, Binance Abu Dhabi is getting all the tailwinds it needs. With a supportive government and many opportunities, the exchange will touch new heights of success here.