Blockchain exchange Binance has seen a 49% increase in user sign-ups across the Middle East and North Africa (MENA) region so far this year. The exchange stated that this growth means there is a growing interest in virtual assets, which are supported by government initiatives. This could enable regulated businesses to enter the space, thereby increasing awareness and driving adoption.
Binance plans to expand its product across the MENA region by partnering with regulated firms and increasing its team size. In Dubai, Binance’s employee count has already reached 400 people. The exchange intends to partner closely with officials in Dubai and other parts of the UAE so that a solid virtual asset infrastructure can be put into place. This will safeguard both the market and investors.
In its commitment to working closely with local regulators, the exchange expressed its dedication to establishing a safe and secure ecosystem for users. Binance stated that it had boosted its Global Law Enforcement Training Program, which has been designed to help law enforcement agencies across the globe detect and prosecute financial and cyber crimes.
Richard Teng, who is the regional head of MENA at Binance, stated that they are currently seeing a sudden surge in the adoption of blockchain technology and he strongly believes that the UAE has great potential to rapidly become a premier virtual asset hub.
In order to expand its footprint in the MENA region, Binance recently partnered with online payment service provider EazyPay in Bahrain. This partnership will allow customers to use cryptocurrencies as a payment method through Binance Pay. Additionally, Binance has signed a strategic partnership with retail, real estate, and leisure conglomerate Majid Al Futtaim.
This partnership will enable customers to purchase virtual assets with crypto at participating locations. The exchange has also signed partnerships with Jebel Ali Resorts, Palazzo Versace, and Virtuzone within the UAE region. Binance also established two additional offices in São Paulo and Rio de Janeiro, Brazil with a plan to hire more than 150 employees for the firm’s operations in Brazil.