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The general manager of Binance FZE in Dubai, Alex Chehade, is to leave the company after two years at the exchange, sources told Zawya.
Chehade, who joined the virtual assets exchange in June 2022 and who Zawya sources said was instrumental in getting the firm’s Dubai Virtual Assets Regulatory Authority (VARA) licence in April, will leave at the end of July.
A statement from Binance said: “Alex will be leaving Binance, at the end of July, to pursue personal interests.
“Alex was one of our first hires in the region and played a crucial role in building the team and business across the country.
“We extend our deepest gratitude for his significant contributions during his time at Binance and wish him well on his future endeavours.”
A source familiar with the matter said Chehade was tipped as a future Binance board member, so his departure has come as a surprise to some.
Binance FZE’s parent company Binance has weathered controversies globally including the recent jailing of its founder and former CEO Changpeng Zhao, known as CZ.
Under Chehade’s leadership in the UAE, Binance FZE became one of 18 organisations to receive approval for VARA’s full licence as a virtual assets service provider (VASP), according to the authority’s public register.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
