Binance Plans to Boost Blockchain Adoption in The MENA Region
- Binance has recently been expanding its influence across Africa, South America and Asia.
- The crypto exchange opened up two offices in São Paulo and Rio de Janeiro and has over 150 employees leading its operation.
- The UAE appears to be another area of significant interest for Binance.
Cryptocurrency exchange, Binance, has announced plans to focus on the Middle East and North Africa (MENA) region to increase Web3 adoption. The crypto trading platform reported growth in user activity in the region, including a 49% increase in sign-ups.
Binance claims the growth in the MENA region mirrors an increased interest in virtual assets backed by government policies, which could serve as a base for foreign web3 projects to operate. The MENA region has become a growing spot for crypto companies, particularly in the Gulf Nation of the UAE.
Binance has expanded licensing and collaborations with regulated companies, as well as its workforce within the MENA region, in a bid to scale its product in the region. The trading platform has paid particular attention to Dubai, where it is witnessing increased adoption and recently expanded the size of its workforce to over 400 people in Dubai alone.
The exchange aims to establish a strong virtual asset infrastructure that safeguards the market and investors by cooperating closely with the relevant authorities in Dubai and the larger United Arab Emirates.
Addressing Binance’s interest in the UAE, Richard Teng, the regional head of MENA, said
It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. 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.
Binance has pledged to collaborate closely with regional authorities to build a secure environment for its users. With hacks and crypto fraud cases increasing by the day, the crypto exchange said it had strengthened its Global Law Enforcement Training Program, created to help law enforcement agencies around the world find and prosecute financial and cyber crimes.
Binance has also joined forces with Bahrain-based online payment service provider EazyPay to develop Binance Pay, which enables its users to make payments using cryptocurrencies. The move was made to increase its presence in the MENA region. Binance has also struck strategic partnerships with local companies that would boost crypto usage in the area.
Binance’s interest in the MENA region comes days after Chainalysis identified the area as the fastest-growing crypto market in the world.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
