Inside the Video Unboxing Binance Headquarters Why is Dubai the Epicenter of the Web3 Industry

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 office has added to the mystery surrounding “Binance headquarters”.
This time, “WEB3+” went to Dubai for an interview and became the second Taiwanese media outlet to unbox the new Binance office.
On a hot afternoon, guided by Binance staff, we finally stepped into the Binance office. After taking the elevator upstairs, the first thing you will notice is the 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 aren’t many people working in the office on a daily basis. Perhaps less than 40 employees use the entire office space on a regular basis.
However, even so, many design details in the office still exude the “Binance vibe”. The overall office design combines Binance’s bright color scheme, simple and modern aesthetics, and the walls are adorned with Binance merchandise and the ubiquitous Binance logo.
In addition, each meeting room is named after Binance’s core principles and cryptocurrencies, which brings a smile to people’s faces.
The open office area is bright and allows employees to freely communicate and hold meetings. There is also a game area with board games and a dining area 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 in Dubai and one of the interviewees this time.
Why choose to establish an office in Dubai?
Binance’s employees are spread all over the world, with its regional headquarters for the Middle East and North Africa located in Dubai.
As the global virtual asset market rapidly expands, Dubai, as a regional hub for technology and financial innovation, has attracted a large number of virtual asset companies to set up operations.
Stephanie Emile, the General Manager of Binance in 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 incorporates the special requirements of Web3 technology to ensure sufficient protection and support for the development of virtual assets without limiting technological innovation.
“VARA has found an excellent balance between user protection and commercial viability, ensuring that regulation can safeguard user rights without excessively restricting technological development,” added Bader Kalooti, Binance’s Director of Expansion and Operations in the Middle East and North Africa.
Kalooti believes that for the virtual asset industry, overly strict regulation may hinder technological development and even make the market less attractive. Dubai’s regulatory model has successfully found a balance between the two. Through VARA, Dubai has created an environment that protects users and does not restrict technological and business innovation.
This regulatory approach has not only attracted technical experts but also government agencies, traditional financial institutions, and companies from the Web2 sector, paving the way for the popularization and application of blockchain technology.
What are the key factors to become a global hub for Web3?
In recent years, an increasing number of countries aspire to become global hubs for Web3, not only to gain a foothold in the emerging digital economy but also because Web3 technology has the potential to transform various industries.
According to Kalooti, the most important factors to become a global hub for cryptocurrencies are the need for funding, a regulatory framework, 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 institutions will intervene and establish relevant rules to ensure the long-term development of the market. This process also applies to the Web3 field.
In 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, to become a hub for the Web3 industry at this stage, a sound regulatory system is the most important factor.
Kalooti mentioned that this is not only to protect users but also to provide clear rules for market participants, which will attract more companies and investors to join.
Furthermore, support from funding is crucial. A successful cryptocurrency hub requires support from Web3 funds or government funds to enable startups and companies to continuously experiment and develop the next application that can lead the market.
When funding and projects come together, top talent will naturally be attracted to this ecosystem.
“Just as there is not only one global financial center, the Web3 ecosystem is not a ‘winner-takes-all’ situation. 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, with approximately 20% of the population using cryptocurrency for transactions, according to Kalooti.
This high adoption rate is not only due to a robust regulatory framework but also the strong support from the Dubai government for blockchain technology. While the majority of crypto enthusiasts are young males, Dubai’s Web3 community is more diverse.
Kalooti stated that Dubai’s Web3 community includes not only traditional cryptocurrency enthusiasts but also government agencies, businesses, and participants from the traditional financial sector.
Therefore, the users of the Web3 industry are not just traditional cryptocurrency communities but users from various fields.
“This is also the key to the popularization of cryptocurrencies. I believe Dubai’s model and uniqueness have set an example for the world.”
This diverse participation allows blockchain technology to no longer be the exclusive domain of technical experts. As it gradually permeates into everyday user activities and commercial applications, it can truly achieve mass adoption of Web3 technology.
As for the issue of cryptocurrency scams that troubles governments and users worldwide, it also exists in Dubai. However, Dubai’s regulatory system does help to curb and reduce such incidents.
“Users here are relatively less affected because of regulation and strict compliance laws,” Stephanie Emile further explained. “I believe fraud usually happens because people want quick returns without truly understanding the risks. Regulation can indeed improve this.”
Regarding the next five to ten years, whether cryptocurrencies can achieve true mass adoption or if blockchain technology can launch an application that impacts the world, Stephanie Emile believes that in the future, blockchain will be used as an underlying technology, and users will not need to know how it works behind the scenes while maintaining a high level of security.
“The ultimate goal is to use blockchain technology without users even realizing it because, currently, blockchain technology appears to be complex and has high entry barriers,” added Kalooti. “But you know, this is our job, our ultimate goal is to remove all obstacles for users to enter the Web3 world.”