In a recent Ask Me Anything (AMA) session, CEO of Binance Changpeng Zhao (CZ) has highlighted the company’s growing presence in the Middle East and North Africa (MENA) region. They have been focusing on launching localized versions of their exchange in countries such as Turkey, Saudi Arabia, and UAE, and have also partnered with local financial institutions to offer fiat-to-crypto services. With this move, Binance is aiming to capture the booming cryptocurrency market in the MENA region and become the go-to platform for crypto traders in the region.
Binance’s MENA Presence Highlighted in CZ AMA Session
Binance’s CEO Changpeng Zhao recently participated in an ask-me-anything (AMA) session, which was published on April 6. During the session, Zhao talked about Binance’s presence in the Middle East and North Africa or MENA.
According to Zhao, MENA is a business-driven region that has been experiencing rapid growth. He also expressed his optimism about the potential of blockchain in Africa, citing financial exclusion and a lack of bank access among citizens as reasons for why the technology may be needed in the region.
Zhao also admitted that Binance should have engaged with MENA regulators earlier, made education efforts sooner, and come to the area at an earlier date. Despite that, he revealed that he is personally based in the MENA region and enjoys interacting with the locals.
Although the AMA session transcript was recently published, Zhao answered the questions on March 22 as part of Binance’s Ramadan activities.
Currently, Binance operates in several MENA countries, including the UAE, Nigeria, South Africa, Egypt, Israel, and Saudi Arabia. However, the UAE and the Emirate of Dubai have been increasing regulatory scrutiny of crypto firms in the region.
For instance, Binance received approval to operate in Abu Dhabi in early 2022, and the company gained full permission in November of that year, according to a company blog post. However, recent reports indicate that the UAE and Dubai have asked Binance and other crypto firms to provide an abundance of information to remain compliant with the law.
In summary, Binance’s CEO Changpeng Zhao highlighted the company’s MENA presence in an AMA session, stressing that the region is business-driven with rapid growth. Zhao also expressed his optimism about the potential of blockchain in Africa but criticized Binance for not doing enough to engage regulators sooner. Finally, Binance currently operates in several MENA countries, and recent reports indicate that the regulatory environment in the region is becoming increasingly stringent.