Alex Chehade, the General Manager of Binance FZE in Dubai, will depart from the crypto asset exchange at the end of July, Zawya reported, citing sources familiar with the matter. Chehade, who played a pivotal role in securing the Dubai Virtual Assets Regulatory Authority (VARA) license, has been with Binance for two years.
Chehade joined Binance FZE in June 2022, and under his leadership, Binance FZE secured the VARA license in April, positioning the company among 18 other organizations approved as Virtual Assets Service Providers (VASP) by the Dubai regulatory authority.
Sources told the media publication that Chehade was seen as a potential future board member of Binance, making his departure unexpected. His leadership was reportedly important in establishing Binance’s presence in the UAE, a region that has increasingly become crucial for the virtual assets market.
Chehade’s departure underscores the dynamic nature of the virtual assets industry, where regulatory achievements and leadership changes frequently reshape the landscape. As Binance FZE looks ahead, the focus will likely remain on consolidating its regulatory gains and expanding its market presence in the Middle East.
Expect ongoing updates as this story evolves.