Binance Eyes Investing More in Web 3.0 in MENA

Binance, the largest cryptocurrency exchange in the world, plans to expand its footprint in the Middle East and North Africa region (MENA) after reports of a surge in users in the region.

Binance reported a 49% growth in user sign-ups in MENA during 2022 so far. The world’s leading cryptocurrency exchange attributed this increase to the growing interest in virtual assets thanks to remarkable government initiatives that encouraged businesses to enter this world.

It pointed out that the MENA’s support of virtual assets and blockchain raised awareness of the importance of the virtual world and drove Web 3.0 adaptation.

To cope with the increasing number of users and partnerships, Binance increased the number of its employees to 400 in Dubai alone, including additions to the executive directors’ team.

In this regard, Regional Head of MENA at Binance Richard Teng described this level of growth in users and expansion in new employees as encouraging, especially in the United Arab of Emirates (UAE).

“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,” Teng said.

Teng pointed to his company’s exciting plans for the MENA region, noting that Binance is committed to closely working with local regulators to set up a safe and secure ecosystem for its users.

According to Teng, Binance will continue its cooperation with officials in Dubai and the UAE in general to develop a strong virtual infrastructure protecting the investors and markets.

The cryptocurrency exchange deepened its presence in the MENA region lately. In the UAE, it inked a partnership agreement with Majid Al Futtaim, the retail giant in the UAE, on enabling customers to buy virtual assets at Majid Al Futtaim’s different facilities as well as signing partnerships with Virtuzone, Palazzo Versace, and Jebel Ali Resorts.

Also, In September, Bahrain-based EazyPay partnered with Binance to launch the first regulated and approved crypto payments service offering in the Kingdom, Binance Pay.