Blockchain exchange Binance reported an increase in the number of users in the Middle East and North Africa (MENA) region, stating that the number of user subscriptions increased by 49% by 2022.
According to the exchange, this growth indicates a growing interest in virtual assets, supported by progressive government initiatives. This can allow regulated companies to enter the market, thereby raising awareness and encouraging adoption.
To expand its product offering in the Middle East and North Africa, Binance has increased the number of licenses, partnerships with regulated companies, and increased its team in the region. In Dubai alone, Binance has grown its team to over 400 employees. The exchange is committed to working closely with relevant officials in Dubai and the UAE to develop a robust virtual asset infrastructure that protects the market and investors.
Richard Teng, Regional Head of MENA at Binance, shared:
“We are seeing rapid adoption of blockchain technology in the region and we believe the UAE has great potential to soon become a leading virtual asset hub.”
The exchange also expressed its willingness to work closely with local regulators to create a safe and secure ecosystem for users. Binance said it has stepped up its global law enforcement training program, which is designed to help law enforcement agencies around the world detect and prosecute financial and cybercrime.
In an effort to expand its footprint in the MENA region, Binance recently partnered with Bahraini payment service provider EazyPay to launch Binance Pay to enable customers to use cryptocurrency as a payment method. In addition, Binance has signed a strategic partnership with retail, real estate and entertainment group Majid Al Futtaim to enable customers to purchase virtual assets using cryptocurrencies. The exchange also signed partnership agreements with Jebel Ali Resorts, Versace Palace and Vertzon in the UAE region.
On October 6, Cointelegraph reported that the AIFC Financial Services Authority of Kazakhstan has granted Binance a permanent license to operate in the country. Binance has also opened two offices in Sao Paulo and Rio de Janeiro, Brazil with over 150 employees.