Changpeng ‘CZ’ Zhao’s story is similar to that of other entrepreneurs, only it is different. The co-founder and chief executive officer of Binance, the world’s largest cryptocurrency exchange, has shown a new path for crypto aspirants, saying he inspires them. The euphoria has also found a place to nest, in the Middle East of the United Arab Emirates, where crypto executives were spotted alongside Wall Street banking executives, Emirati royals and influencers at Dubai’s premium Burj Al Arab hotel in late March.
Although Zhao was absent from the festivities Binance Holdings Ltd. held in his “de facto home” of the UAE, his presence was felt in the words of those in attendance at the party. Zhao’s rise as a software engineer to one of the richest people in the world has everyone looked up to and even replicated his career. According to a Bloomberg report, many are moving to the UAE — the country Zhao describes as the “Wall Street of crypto” — to move their bases there. His path leaves local bankers, lawyers and even big tech executives thinking about their own career shifts into the cryptocurrency market.
“We see a lot of interest from employees in traditional financial institutions who want to work for us,” Richard Teng, Binance’s Middle East and North Africa head, told Bloomberg in an interview in Dubai. The company, co-founded by Zhao, is the world’s largest crypto exchange by trading volume. “We’re even recruiting some,” Teng added.
“In February, Binance hired Vishal Sacheendran, a former banker of the Bank of New York Mellon Corp., as the director of MENA in the UAE. Robbie Nakarmi, the senior counsel of the Dubai office, joined late last year after nearly a decade as a mergers and acquisitions attorney,” Bloomberg said in its report.
But these names are not the only ones. Ahmed Ismail, who was a banker at Bank of America and Jefferies in Dubai, changed his career in 2017 when he launched Abu Dhabi-based digital currency bank HAYVN with Chris Flinos. He told Bloomberg that several bankers have recently ditched their careers to open cryptocurrency investment funds.
Rising global inflation has prompted many investors to delve into digital coin trading, but several who took the plunge have suffered huge losses. The price of Bitcoin has continued to fall in recent months for a number of reasons.
However, the UAE’s crypto-friendly policies have led large companies to start their businesses in the country, at a time when most other countries impose restrictions on the business. The UAE authorities are trying to create a business-friendly platform, Bloomberg said, “while also trying to deal with concerns about volatility and financial crime that haunt the crypto industry”.
However, Zhao’s contribution cannot be overlooked here. “Wherever we go, the industry players tend to follow,” he said in an interview. With the UAE’s crypto-friendly policies, complemented by the success of Binance founder Changpeng “CZ” Zhao, the country is likely to become a cryptocurrency. hub in the coming days.
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