cryptocryptoIn October 2022, the number of new user sign-ups on Binance increased by 49%. The results were attributed by the biggest cryptocurrency exchange in the world to the MENA region’s growing demand for digital banking and financial solutions. It experienced the most significant growth of any part in the last quarter of 2022, according to Binance, with a 34 percent increase in the number of new institutional investors embracing its cryptocurrency technology.
Government programs like the Dubai Metaverse Strategy, which aims to increase the country’s gross domestic product by $4 billion through technology and Web3-based businesses by 2030, have contributed to this. Richard Teng, Regional Head of MENA at Binance, praised the growth in the MENA region, not only in terms of user adoption but also in terms of manpower and new recruitment in our own teams, particularly in the UAE.
He believes it is possible for the UAE to quickly establish itself as a key hub for virtual assets because blockchain technology is being adopted quickly in the region. And the Middle East is seeing an increase in blockchain/Web3 applications, paving the way for significant technical growth.
Teng continued by saying that Binance has ambitious goals for the MENA region, assembling a talented team to spearhead the expansion and laying a solid platform for the ecosystem’s future development. Binance will continue to closely collaborate with officials in Dubai and parts of the United Arab Emirates to construct a reliable virtual asset infrastructure that safeguards the market and the investors. Binance remains committed to establishing a safe and secure ecosystem for its users.
In fact, the Senior Executive Officer of Binance (AD), Dominic Longman, stated: “Getting this license is a crucial step in Binance’s development in Abu Dhabi and it reflects the city’s progressive position on virtual assets. We look forward to offering institutional investors a safe and dependable platform for their virtual asset activities. We are thrilled to continue to develop our symbiotic connection with ADGM and the city of Abu Dhabi. We expect the local blockchain environment to do likewise as our team expands and evolves.
How Binance Is Working With MENA’s Law Enforcement Authorities In Adopting Web3
Binance has expanded its Global Law Enforcement Training Program in response to the rise in demand for security training brought on by growing interest in crypto adoption from companies in the public and private sectors. This expansion is part of Binance’s ongoing collaboration with regulators.
It also shows the firm’s commitment to market protection principles and strong investors. The industry’s first globally coordinated initiative, the Global Law Enforcement Training Program, is intended to aid law enforcement worldwide in identifying and prosecuting financial and cybercrime.
As people become more knowledgeable about cryptocurrencies and blockchain (the technology enabling cryptocurrency transactions) and regulations change, it anticipates significant growth in the Middle East in the upcoming year. Binance has observed that, in addition to the institutional expansion, more consumers are participating in the crypto revolution to embrace freedom and flexibility in using crypto for everyday purchases.
