Binance, the major cryptocurrency exchange, has alleged a 49% increase in user sign-ups across the Middle East and Northern Africa (MENA) region.
It has been reported according to the exchange that this growth indicates an increasing interest in virtual assets supported by progressive government initiatives. This could enable regulated businesses to enter the space, thereby raising awareness and driving adoption.
However, to scale its product in the MENA region, Binance has increased licensing and partnerships with regulated firms and increased its team within the territory. In Dubai, alone, Binance has grown its team to over 400 employees. The exchange seeks to work closely with the appropriate officials in Dubai and the wider United Arab Emirates to develop a robust virtual asset infrastructure that protects the market and investors.
Richard Teng, the Regional Head of MENA at Binance, said:
“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 report said that Binance also expressed its commitment to working closely with local regulators to establish a safe and secure ecosystem for its users. Binance said that it has boosted its Global Law Enforcement Training Program, which was designed to assist law enforcement across the globe to detect and prosecute financial and cyber crimes.
Likewise, in an attempt to expand its footprint in the MENA region, Binance recently partnered with online payment service provider EazyPay in Bahrain, to launch Binance Pay to allow its customers to use cryptocurrencies as a payment method.
Thus, Binance signed a strategic partnership with retail, real estate, and leisure conglomerate, Majid Al Futtaim, to allow customers to purchase virtual assets with crypto. The exchange has also signed partnerships with Jebel Ali Resorts, Palazzo Versace, and Virtuzone, all within the UAE region.
Source: Cointelegraph