Dubai-Based Virtuzone to Accept Crypto Payments via Binance Pay

The business formation services provider is joining a number of other UAE companies using Binance Pay for crypto payments. 

AccessTimeIconAug 29, 2022 at 7:01 p.m. UTC
Updated May 11, 2023 at 5:41 p.m. UTC

Dubai-based business formation services provider Virtuzone has begun accepting cryptocurrency payments using Binance Pay.

"Virtuzone's decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to setting up businesses in the UAE,” said Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance, in a Monday press release.

Binance Pay, a contactless cryptocurrency payment service designed by crypto exchange Binance, supports more than 40 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), and USD coin (USDC). The platform is intended to enable instantaneous international money transfers and user-to-user transfers, eliminating third-party transaction fees.

Aiming to become a crypto hub, Dubai in recent months established a Virtual Asset​s Regulatory Authority (VARA) and adopted a number of crypto-friendly laws. Among the developments is Dubai’s push to grant operating licenses to several prominent cryptocurrency exchanges, which may have hastened companies’ adoption of crypto payments across the emirates.

A number of other UAE-based businesses, JA Resorts and Hotels, Majid Al Futtaim, and luxury property developer Damac among them, have been recent adopters of Binance Pay.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Elizabeth Napolitano

Elizabeth Napolitano is a news reporter at CoinDesk.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.