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Binance chief Zhao buys his first home in ‘pro-crypto’ Dubai

Binance CEO Changpeng “CZ” Zhao bought his first home last month in Dubai in a show of support for a city he describes as “very pro-crypto.” (PHOTO: REUTERS/Darrin Zammit Lupi)
Binance CEO Changpeng “CZ” Zhao bought his first home last month in Dubai in a show of support for a city he describes as “very pro-crypto.” (PHOTO: REUTERS/Darrin Zammit Lupi)

By Chanyaporn Chanjaroen

(Bloomberg) — Changpeng “CZ” Zhao, who runs the world’s largest cryptocurrency-exchange, bought his first home last month in Dubai in a show of support for a city he describes as “very pro-crypto.”

“The government there is very progressive, and it’s a very good business environment,” the Binance founder said in an interview Friday on the sidelines of the Bloomberg New Economy Forum in Singapore.

“I want to show that we are committed to the place, so I bought an apartment there,” he said, declining to disclose the price tag. In an interview earlier this year, Zhao said he didn’t own a house or car, considering such things “illiquid.”

While he will be spending more time in the Middle Eastern business hub, Zhao, 44, said he remains committed to Singapore, where a local affiliate has applied for an official license to operate.

His choice of residence may provide a clue on the location of Binance’s headquarters. Founded in China in 2017, Binance Holdings Ltd. hasn’t set up a global base yet. Instead, Zhao has incorporated firms in locations where Binance operates, including in Singapore, where he’s been based for two years.

HQ Decision

In a separate interview at the Bloomberg forum, he told Erik Schatzker that Binance has decided on a location for its global headquarters and will announce it after he communicates with regulators.

“I am not saying this is where we will definitely base our headquarters,” Zhao added. “But for example, if you look at the U.A.E., if you look at France and Singapore, these regions are all very pro-crypto.”

READ: Binance US unit may raise ‘couple hundred’ million in funding

Dubai is vying with Singapore, Switzerland and other countries to become a global hub by setting up a so-called free zone to support the trading of crypto assets. It’s also looking to issue a regulatory framework that will include licensing for crypto trading.

Binance Asia is among some 70 firms that are awaiting a permit from the Monetary Authority of Singapore, together with local units of Coinbase Global Inc., Hong Kong-based Huobi Technology Holdings Ltd. and South Korea’s Upbit.

The New Economy Forum was organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.

© 2021 Bloomberg L.P.