Binance’s User Growth in MENA
Binance has reported a notable increase in user sign-ups across the Middle East and Northern Africa (MENA) region, noting a 49% surge in 2022. This growth reflects a rising interest in virtual assets, bolstered by progressive government initiatives aimed at enabling regulated businesses to enter the space, thereby raising awareness and driving adoption.
Scaling Operations in the Region
To scale its product offerings in the MENA region, Binance has ramped up its licensing efforts and established partnerships with regulated firms. In Dubai alone, the exchange has expanded its team to over 400 employees, showcasing its commitment to working closely with local authorities to develop a safe and robust virtual asset infrastructure.
Binance’s Commitment to Regulation
Richard Teng, Binance’s regional head for MENA, commented on the rapid adoption of blockchain technology, stating, “We are witnessing rapid adoption of blockchain technology in the region, and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.” The exchange continues to emphasize its dedication to collaborating with regulators to create a secure environment for users.
Partnerships and Initiatives
As part of its MENA expansion, Binance recently partnered with EazyPay, an online payment service provider in Bahrain, to launch Binance Pay, allowing customers to use cryptocurrencies as a payment method. Additionally, the firm has signed strategic partnerships with retail and leisure conglomerate Majid Al Futtaim and other UAE-based businesses such as Jebel Ali Resorts and Palazzo Versace, enabling users to purchase virtual assets with crypto.
Global Expansion
On Oct. 6, it was reported that the AIFC Financial Services Authority in Kazakhstan granted Binance a permanent license to operate in the country. Furthermore, Binance has recently opened two offices in Brazil, expanding its presence in South America.
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