Binance is reportedly relocating staff from its United Arab Emirates (UAE) operations to several Asian hubs, according to an exclusive report. The move is cited as a direct consequence of the severe impact from the ongoing war between the US and Iran, which has led to security incidents and a plummeting regional real estate market.
Cryptocurrency exchange Binance is relocating employees from the UAE to Asia. The company has reportedly offered its staff four relocation options: Hong Kong, Tokyo, Kuala Lumpur, and Bangkok.
“Exclusive: Binance, the world’s largest cryptocurrency exchange, is relocating its staff from the UAE to Hong Kong, Tokyo, Kuala Lumpur, and Bangkok due to the war,” stated the initial report. The decision follows the devastating impact of the conflict between the United States and Iran.
Since the war’s outset involving the US, Israel, and Iran, Iran has been attacking US allies in the region. This has included the UAE, where reports detail drone explosions in public buildings in Dubai. The economic impact is evident in the local real estate sector.
The DFM Real Estate Index has dropped by more than 25% since the start of the hostilities. Furthermore, the annual crypto conference Token 2049, scheduled for late April in Dubai, has been postponed to next year.
