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Binance Ramps up Web3 Adoption in the MENA Region

2022-10-07

Main Takeaways

  • We are excited to report a staggering 49% increase in user sign-ups year-to-date across the Middle East and North Africa. 

  • Securing regulatory approvals and partnering with regulated firms across the region helped us forge ahead with our MENA expansion plan.

  • We have strengthened our team with new appointments and reached the 400-employee milestone in Dubai.

Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, has seen a surge in user growth across the MENA region, reporting a 49% increase in user sign-ups so far in 2022.

This increase reflects the growing appetite for virtual assets driven by progressive government initiatives enabling a number of regulated businesses to enter the space. The region’s support towards blockchain and virtual assets has also helped raise more awareness of the industry and drive adoption.

A Stellar Team to Meet User Surge

Sustaining strong growth momentum and solidifying its presence in the MENA region this year due to increased licensing and partnerships with regulated firms, we have also grown to over 400 employees in Dubai alone. Among these recent hires there are significant additions to the executive directors team, such as Alex Chehade, General Manager in Dubai; Nadeem Ladki, Head of Business Development in MENA; and Bader Kalooti, Head of Marketing, Growth & Operations in MENA. 

Richard Teng, Regional Head of MENA at Binance, commented: “It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the 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 added that Binance has exciting plans for the MENA region, putting together a highly skilled team to lead the expansion and setting a firm foundation for the ecosystem’s future growth. Binance remains committed to working closely with local regulators to establish a safe and secure ecosystem for its users, and will continue closely cooperating with officials in Dubai and the wider UAE to develop a robust virtual asset infrastructure that protects the market and the investors.

Getting Regulators and Law Enforcement on Board

Adding to these user and employee growth achievements, Binance recently obtained a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), which allows us to offer a range of approved virtual asset-related services to suitably qualified retail and institutional investors in Dubai.

This recognition is testament to Binance’s contribution towards creating a secure next-generation ecosystem for the future economy through collaborative work with industry peers and regulators, as well as the company’s efforts to promote consistent implementation of standards in Dubai and beyond.

As part of its ongoing collaboration with regulators and its commitment to strong investor and market protection principles, Binance has also boosted its Global Law Enforcement Training Program to respond to the increase in demand for security trainings resulting from growing interest in crypto adoption from companies in the public and private sectors. The Global Law Enforcement Training Program is the industry’s first global coordinated effort designed to help assist law enforcement across the globe to detect and prosecute financial and cybercrimes.

Partnerships that Drive Adoption

Further expanding its footprint in the MENA region, Binance recently partnered with local point-of-sale and online payment service provider EazyPay in Bahrain to launch Binance Pay, allowing customers to use crypto as payment method.

In the UAE, Binance signed a strategic partnership with Majid Al Futtaim, the retail, real estate, and leisure conglomerate, to enable customers to make purchases with virtual assets at Majid Al Futtaim’s various establishments. Other notable partnerships that Binance has established recently include Jebel Ali Resorts, Palazzo Versace, and Virtuzone.