Binance aims to accelerate Web3 adoption in the MENA region
The Binance exchange has reported an increase in users in the Middle East and North Africa (MENA) region, claiming a 49% increase in registered users in 2022.
According to the exchange, this growth indicates a growing interest in virtual assets, supported by progressive government initiatives. This could allow regulated businesses to enter the market, thereby raising awareness and encouraging adoption.
To scale its product in the MENA region, Binance has expanded licensing and partnerships with regulated firms, and increased its team in the territory. In Dubai alone, Binance has increased its team to more than 400 employees. The exchange aims to work closely with relevant officials in Dubai and the United Arab Emirates as a whole to develop a robust virtual asset infrastructure that protects the market and investors.
Richard Tan, regional head of MENA at Binance, shared:
“We are witnessing rapid adoption of blockchain technology in the region, and we believe the UAE has huge potential to soon become a leading hub for virtual assets.”
The exchange also expressed its commitment to working closely with local regulators to create a secure ecosystem for its users. Binance said it has expanded its Global Law Enforcement Training Program, which was designed to help law enforcement agencies around the world identify and prosecute financial and cybercrime.
In an effort to expand its presence in the MENA region, Binance recently partnered with online payment service provider EazyPay in Bahrain to launch Binance Pay, allowing its customers to use cryptocurrencies as a payment method. In addition, Binance has signed a strategic partnership with retail, real estate and leisure conglomerate Majid Al Futtaim to allow customers to purchase virtual assets using cryptocurrency. The exchange has also signed partnerships with Jebel Ali Resorts, Palazzo Versace and Virtuzone located in the UAE region.
