Binance seeks to boost Web3 adoption in the MENA region

Blockchain exchange Binance has reported an increase in user growth across the Middle East and Northern Africa (MENA) region, alleging a 49% surge in user sign-ups so far in 2022. 

According to the exchange, 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.

In order 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 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 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 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.

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. Additionally, 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.

On Oct. 6, Cointelegraph reported that Kazakhstan’s AIFC Financial Services Authority granted Binance a permanent license to operate in the country. Binance also opened up two offices in São Paulo and Rio de Janeiro, Brazil with more than 150 employees to be spread across the firm’s operations in Brazil.