Follow “WEB3+” to Unbox Binance Office!
As a leading global cryptocurrency exchange, Binance has achieved numerous important milestones. However, the limited public access to its offices has added a sense of mystery to the “Binance headquarters”.
This time, “WEB3+” went to Dubai for an interview and became the second Taiwanese media outlet to unbox Binance’s new office.
On a hot afternoon, guided by Binance employees, we finally set foot in the Binance office. After taking the elevator upstairs, the first thing you will see is a spacious reception hall, but the first thought that comes to mind is “Why is there no one here?”
Due to Binance’s flexible remote work policy, there are not many employees working in the office on a daily basis. Perhaps less than 40 employees use the entire floor of the office on a regular basis.
However, even so, many design details in the office space still give a strong “Binance feel”. The overall office design combines bright tones associated with Binance, appearing simple and modern. The walls are adorned with Binance merchandise and the Binance logo can be seen everywhere.
In addition, each meeting room is named after Binance’s core concepts and cryptocurrencies, which brings a smile to people’s faces.
The open office area is spacious and bright, allowing employees to freely communicate and hold meetings. In addition, there is a recreational area with board games and a dining area that is always stocked with beverages and snacks, allowing employees to relax and recharge during their work breaks.
“Do you need any help?” While wandering around the office, a woman suddenly opened the meeting room door and asked. She is Stephanie Emile, the General Manager of Binance Dubai and one of the interviewees for this visit.
Why choose Dubai as the location for the office?
Binance’s employees are spread across the globe, and the “headquarters” for the Middle East and North Africa region is located in Dubai.
As the global virtual asset market rapidly expands, Dubai has become a regional hub for technology and financial innovation, attracting a large number of virtual asset companies to establish a presence.
Stephanie Emile, the General Manager of Binance Dubai, said that this is mainly due to the establishment of the Dubai Virtual Asset Regulatory Authority (VARA).
VARA is a regulatory institution specifically established for virtual assets and cryptocurrencies. Dubai’s regulatory framework, developed over many years, not only draws on traditional financial regulatory models but also integrates the special requirements of Web3 technology. This ensures sufficient protection and support for the development of virtual assets while not limiting technological innovation.
“VARA has found an excellent balance between user protection and commercial feasibility, ensuring that regulation not only safeguards user rights but also does not excessively restrict technological development,” added Bader Kalooti, Binance’s Director of Expansion and Operations in the Middle East and North Africa region.
Kalooti believes that excessive and strict regulation may hinder technological development and even make the market lose its attractiveness. Dubai’s regulatory model has successfully found a balance between the two. Through VARA, Dubai has created an environment that protects users, promotes technological and business innovation, and paves the way for the popularization and application of blockchain technology.
Such a regulatory approach has not only attracted technical experts but also government agencies, traditional financial institutions, and enterprises from the Web2 field, laying the groundwork for the widespread adoption and application of blockchain technology.
What are the key factors to become a global hub for Web3?
In recent years, more and more countries aspire to become global hubs for Web3, not only to secure a place in the emerging digital economy but also because Web3 technology has the potential to revolutionize various industries.
According to Kalooti, to become a global hub for cryptocurrencies, the most important factors are funding, regulatory frameworks, the ability to attract and cultivate talent, and the formation of a cohesive community. All of these factors are essential.
Any disruptive new technology, such as cryptocurrencies, initially needs to establish product-market fit. When the market reaches a certain scale, regulatory agencies will intervene and establish relevant rules to ensure the long-term development of the market. This process also applies to the Web3 field.
Over the past five years, the Web3 industry has proven its market adaptability, and regulatory frameworks in various countries are gradually improving to further promote mass adoption.
Therefore, at this stage, a well-established regulatory system is the most important factor to become a hub for the Web3 industry.
Kalooti stated that this is not only to protect users but also to provide clear rules for market participants, attracting more businesses and investors to settle in.
Furthermore, support from funds is crucial. A successful hub for cryptocurrencies requires support from Web3 funds or government funds to enable startups and enterprises to continuously experiment and develop the next market-leading applications.
When capital and projects come together, top talents will naturally be drawn to this ecosystem.
“Just as there is more than one global financial center, the Web3 ecosystem is not a case of ‘winner takes all.’ Different regions have the potential to become core locations for blockchain and cryptocurrencies.”
What makes Dubai’s Web3 community different?
Compared to other countries and regions, Dubai’s Web3 community is more inclusive.
Currently, the global penetration rate of cryptocurrencies is only 5%, but Dubai is one of the regions with the highest penetration rate of cryptocurrencies. Kalooti revealed that “about 20% of the local population uses cryptocurrencies for transactions.”
This high adoption rate is not only due to a well-established regulatory framework but also strong support from the Dubai government for blockchain technology. While most cryptocurrency enthusiasts are young males, Dubai’s Web3 community is more diverse in terms of its composition.
Kalooti stated that Dubai’s Web3 community not only consists of traditional cryptocurrency believers but also includes government agencies, enterprises, and participants from traditional finance.
Therefore, the users of the Web3 industry are not just members of the traditional cryptocurrency community but come from various fields.
“This is also the key to the mass adoption of cryptocurrencies. I believe Dubai’s model and uniqueness have set an example for the world.”
This kind of diverse participation allows blockchain technology to no longer be solely the domain of technical experts. As it gradually permeates into the lives of ordinary users and daily business applications, true mass adoption of Web3 technology can be achieved.
As for the issue of cryptocurrency scams that troubles governments and users worldwide, it also exists in Dubai. However, Dubai’s regulations do help to curb and reduce such incidents.
“The impact on users here is relatively small because we have regulations and strict compliance laws,” added Stephanie Emile. “I believe that scams usually occur because people want to make quick returns without truly understanding the risks, but regulations can indeed improve this situation.”
Regarding the next five to ten years, whether cryptocurrencies can achieve true mass adoption or blockchain technology can launch a globally impactful application, Stephanie Emile believes that blockchain will become an underlying technology that users do not need to know the workings of to maintain a high level of security.
“The ultimate goal is to use blockchain technology without users being aware of it, as the technology currently appears complex and has a high entry barrier,” continued Kalooti. “But you know, this is our job, our ultimate goal is to eliminate all barriers for users to enter the Web3 world.”
