CZ highlights Binance’s presence in MENA region in AMA

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 during an AMA session posted on April 6.

CZ discusses presence in MENA region

During the meeting, Zhao highlighted Binance’s presence in the Middle East and North Africa, commonly known as MENA.

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

"I think when I first came to Dubai, there were probably 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 where financial exclusion and citizens’ lack of access to banking services exist.

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

Zhao added that he himself is based in the Middle East and North Africa region and "doesn't just visit." The area is often misunderstood by Westerners, he said, calling its residents "very humble, very business-oriented, very reasonable, very friendly."

While the AMA minutes were released today, Zhao originally answered questions on March 22 as part of Binance’s Ramadan event.

Binance operates in six MENA countries

Binance operates in several Middle Eastern and North African countries. Perhaps most notably, the company received in-principle approval to operate in Abu Dhabi in early 2022. The company received full licensing in November of that year, according to the blog post.

However, the situation is not entirely rosy. The United Arab Emirates (UAE) and the emirates of Dubai are stepping up regulatory scrutiny, Bloomberg reported on April 5. As a result, Binance and other cryptocurrency companies are required to provide extensive information in order to comply with the law.

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

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