Binance currently operates in six regions across the Middle East and North Africa.

Binance CEO Changpeng Zhao discussed his company’s presence in the Middle East and North Africa in a Ask Me Anything (AMA) session published on April 6.

CZ discusses presence in the Middle East and North Africa

During the conference, Zhao highlighted Binance’s presence in the Middle East and North Africa, commonly referred to as MENA.

Zhao described the region as business-oriented and noted rapid growth, writing:

“I think when I first came to Dubai, there were maybe six cryptocurrency companies. Today, there are probably over 700.”

He also described the current state of blockchain in Africa, explaining that he sees potential in the region due to financial exclusion and lack of banking access for citizens.

He added that in retrospect, Binance should have engaged with MENA regulators earlier, done educational work earlier, and come to the region earlier.

Zhao added that he himself is based in the Middle East and North Africa region, "not just visiting". He said the region is often misunderstood by Westerners and called its residents "very humble, very business-oriented, very reasonable, very friendly".

While the AMA transcript was published today, Zhao originally answered questions on March 22 as part of Binance’s Ramadan event.

Binance launches operations in six MENA countries

Binance operates in several MENA countries. Perhaps most notably, the company received in-principle approval to operate in Abu Dhabi in early 2022. According to the blog post, the company received full licensing in November of that year.

However, the situation is not entirely rosy. According to a Bloomberg report on April 5, the United Arab Emirates (UAE) and the Emirate of Dubai are increasing regulatory scrutiny. As a result, Binance and other cryptocurrency companies are being asked to provide a lot of information in order to comply with the law.

In the MENA region, Binance operates in Nigeria, South Africa, Egypt, Israel, Saudi Arabia, and the UAE, including Dubai and Abu Dhabi, according to its website.