Blockchain exchange Binance has reportedly seen a growth in user base across the Middle East and North African (MENA) region, resulting in a 49% increase in user sign-ups as of yet in 2022, as reported by Cointelegraph.
According to Cointelegraph, Binance stated that the growth showes an increasing interest in virtual assets backed by government initiatives, which could permit regulated businesses to enter the space for raising awareness and driving adoption. In order to scale its product in the MENA region, Binance has expanded licensing and partnerships with regulated firms and also increased its team within the territory. Binance aims to work closely with officials of Dubai and other parts of United Arab Emirates for developing a virtual asset infrastructure that protects the market and investors.
“We are witnessing adoption of blockchain technology in the region and we believe there is potential for the UAE to soon become a leading virtual asset hub,” Richard Teng, regional head of MENA, Binance, highlighted.
On the basis of information by Cointelegraph, Binance has expressed its commitment to work in collaboration with local regulators to create a safe and secure environment for users. Binance made the statement about boosting its Global Law Enforcement Training Program, for the purpose of assisting law enforcement on a global scale to detect and prosecute financial and other crimes. Recently, Binance entered into a partnership with online payment service provider EazyPay in Bahrain for launching Binance Pay for customers to use cryptocurrencies as a payment gateway. The exchanges has also collaborated with Jebel Ali Resorts, Palazzo Versace, Virtuzone, among others.
Moreover, Cointelegraph noted that Kazakhstan’s AIFC Financial Services Authority allowed Binance a permitting license to operate in the country. Binance also permitted opening of two offices in Sao Paulo and Rio De Janerio of Brazil, with over 150 employees to be deployed across the firm’s operations in Brazil.
(With insights from Cointelegraph)
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