Binance Update | Planning to invest in non-crypto industries to promote crypto adoption, negotiating Dubai operating license

After becoming a major shareholder of Forbes, Binance intends to expand into more non-crypto industries; moreover, it has been reported recently that Binance is in talks for operating licenses in Dubai.

Financial Times: Binance to Expand Investments Across Non-Crypto Sectors

Financial Times interviewed Binance founder Zhao Changpeng, who stated, "We want to find and invest in one or two targets in different economic sectors." Using Forbes' investment as an example, he mentioned driving a company in a particular industry, such as media, to embrace cryptocurrency, which would enhance competitiveness and prompt others in the same sector to take similar actions.

This argument may be more evident in the NFT sector. For instance, the competition among sports brands like Adidas, Nike, and Puma in the metaverse landscape; the launches of NFT markets by LINE and Rakuten indicate that when leaders in non-crypto industries embrace blockchain applications, it quickly prompts competitors to follow suit.

Dubai Drafts Cryptocurrency Regulatory Framework, Binance Reportedly Discussing Operating License

Bloomberg reports that sources reveal Binance is in negotiations in Dubai for an operating license to further strengthen its business in the Middle East, including discussions on a license for virtual asset service providers in the Dubai World Trade Centre Free Zone.

Simultaneously, Dubai authorities recently announced plans to participate in this rapidly growing global sector through virtual asset legislation, shaping the best business environment with regulations, licenses, governance, and connectivity to local and global financial systems. They aim to issue virtual asset service provider licenses before the end of the first quarter.