Binance CEO in Dubai says embrace disruption

The UAE is a “symbol of embracing technology,” according to the founder and CEO of Binance, the world’s largest cryptocurrency exchange in terms of daily trading volumes.

Discussing technology disruption and adoption as part of the Defi and Crypto Talks on day two of the 4^th Future Blockchain Summit and the first edition of Fintech Surge at Dubai World Trade Centre (DWTC) – taking place until 20^th October - Binance CEO and founder Changpeng Zhao lauded the UAE’s digital approach.

“Things happen here very fast, it is one of the most pro business environments in the world and things are built with real quality  - I wish I had visited here earlier,” said Changpeng.

Changpeng added other governments should follow suit and change their outlook when it comes to digital transformation. He said: “I think there is a lack of understanding that causes fear, and this is not the right approach. We should embrace anything with the potential to disrupt. We should invest in anything that can disrupt the current order, and we should encourage that to grow because tech and innovation will happen regardless. The leaders here have that mindset, and this is very encouraging to see.

“Don’t be afraid to embrace technology disruption, it will help countries to grow. It is new tech, and you cannot ignore new technology. This country already understands that and is a symbol of embracing technology. This country gets it. Work with us, let us experiment together in a safe and compliant way to grow the industry.”

Earlier, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC (Dubai Multi Commodities Centre), emphasised the rapid growth in Dubai’s technology sector and the desire from businesses to play their part.

“DMCC created a blockchain ecosystem in our free zones and without even pushing hard we know we are going to exceed 1,000 crypto businesses at DMCC, we are going at that speed, and we have a lot of interest,” he said.

“I have to take my hat off to the blockchain and crypto community around the world., they don’t just sit with one product, it is not all about business it is about trust as well.” 

Meanwhile, CoinMENA co-founder Talaa Tabbaa discussed how cryptocurrencies are resulting in the biggest transfer of wealth in history, while industry experts talked about the differences between DeFi and CeFi and outlined the opportunities for NFTs in Bollywood and the wider world of entertainment during a series of thought-provoking panel discussions.

At Fintech Surge, the show co-located with Future Blockchain Summit as part of GITEX Global, the world’s largest technology showcase of this year, key sessions included the democratisation of Islamic capital markets and fundraising strategies for early startups.