Binance Wants To Expand Web3 Adoption In The MENA Region

Binance, the world’s largest crypto exchange, has recorded a 49% rise in user sign-ups in the Middle East and Northern Africa (MENA) area so far in 2022.

According to the exchange, this rise reflects rising interest in virtual assets, which is being fueled by progressive government initiatives. This may allow regulated enterprises to enter the market, creating awareness and encouraging adoption.

Binance has strengthened licenses and relationships with regulated organizations, as well as grown its workforce in the area, to scale its product in the MENA region. It has extended its staff to over 400 individuals in Dubai alone.

The exchange hopes to collaborate closely with relevant agencies in Dubai and the rest of the UAE to build a strong virtual asset infrastructure that safeguards the market and investors.

Richard Teng, Regional Head of MENA at Binance, commented:

“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.”

The exchange has stated its intention to collaborate closely with local regulators in order to create a safe and secure ecosystem for its consumers. Binance said that it has expanded its Global Law Enforcement Training Program, which was created to help law enforcement throughout the world detect and prosecute financial and cybercrime.

Binance was given a permanent license to operate in Kazakhstan by the AIFC Financial Services Authority on October 6. Binance has also built two offices in Brazil, in So Paulo and Rio de Janeiro, with over 150 people split across the firm’s activities in Brazil.

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