Binance aims to increase Web3 adoption in the MENA region

By: Dickson Arinze

Binance aims to increase Web3 adoption in the MENA region

October 8, 2022 3:39 AM

The number of new users signing up from the MENA region, where the exchange is based, has supposedly increased by 49%.


Binance, a leading blockchain platform, claims there has been a 49% increase in user registrations from the MENA region so far in 2022.


This development is interpreted by the exchange as a growing interest in virtual assets encouraged by forward-thinking government programs. Awareness and uptake could be boosted if regulated businesses were allowed to enter the market.


Binance has expanded its team in the Middle East and North Africa (MENA) region and expanded its licensing and partnerships with regulated firms to help it scale its product there. Over the past few years, Binance has expanded its presence in Dubai, and the city now hosts more than 400 members of its global staff. The goal of the exchange is to build a secure virtual asset infrastructure that safeguards the market and investors in collaboration with the relevant Dubai and UAE authorities.


Binance's MENA regional head Richard Teng revealed:

"We are seeing widespread adoption of blockchain technology across the region, and we genuinely think the UAE has enormous potential to develop into a leading virtual asset hub in the near future."


The marketplace has also promised to collaborate closely with local authorities in order to create a secure environment for its customers. In order to better aid law enforcement agencies in identifying and prosecuting financial and cyber crimes, Binance has announced that it has expanded its Global Law Enforcement Training Program.


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, and expanding its footprint in the MENA region. To further facilitate the buying of virtual assets with cryptocurrency, Binance has formed a strategic partnership with retail, real estate, and leisure conglomerate Majid Al Futtaim. Jebel Ali Resorts, Palazzo Versace, and Virtuzone, all located in the United Arab Emirates, are among the exchange's partnered establishments.


In addition, Binance has established a presence in Brazil by opening offices in Sao Paulo and Rio de Janeiro, where over 150 people will be employed across the company's Brazilian operations.