RIYADH: Binance, the largest cryptocurrency exchange, is set to sign an initial agreement with the Dubai government regarding crypto-related activities, Asharq reported.

Dubai is one of the candidates along with France to be the global headquarters of Binance.

Changpeng Zhao, the CEO and co-founder of Binance bought his first home in Dubai in October.

He also said last month that he bought the property to demonstrate Binance’s relationship with the city, which he described as being very pro-crypto, according to Bloomberg.

“The government there has the advantage that it is progressing tremendously, and it represents a very good business environment,” Zhao said.

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