Posted 9 months ago | by Ben Armstrong
Binance Expands Its Reach to the Middle East
Binance’s move comes at a time when the major exchange has announced major features additions like the launch of its crypto debit card that aims to increase the benefits and feature catalog for its users. To take advantage of the undergoing expansion Binance is experiencing, make sure to click here.
The Exchange is Now Expanding to New Markets
While competitors like Huobi have been in the Middle East since December 2019 and offered the exchange’s trading platform and liquidity as a white-label service, Binance has now started expanding its services and infrastructure to the Middle East and North Africa (MENA).
According to Binance, the MENA team will focus on building partnerships with local players in digital asset and blockchain sectors of the region.
The popular cryptocurrency exchange has hired Omar Rahim as Director of MENA to lead its strategy and future business while being responsible for ensuring compliance with different regulatory frameworks in countries across the region.
The MENA Region has Massive Potential
Mr. Rahim has 15 years of experience in oil trading and equity derivatives products across US and UK markets as well as being a co-founder of the startup company EnergiMine, which is using AI and blockchain technology to develop energy management solutions.
In his life-work, Mr. Rahim has assumed different trading roles in the UK and Germany, including at Refco Trading Services Limited, SSE Airtricity, and Vattenfall.
Speaking about the new presence of Binance in the region, the new Director said:
“We are committed to working with local governments to deliver products that meet the standards of regional policies to best service our MENA communities. I am thrilled to be part of a dynamic team that puts users first and excited for us to localize our world-class products and services that are purposeful to our communities in MENA.”
Gin Chao, Strategy Officer of Binance, also emphasized that the MENA region is one of the most important places for new technologies, said:
“The MENA region has been instrumental in implementing real applications of blockchain technology with a number of its governments and regulators as a driving force, embracing blockchain with its progressive culture of new technologies.”
The Middle East is Adopting Cryptocurrencies
Before 2018, the Middle East was the only region without a licensed cryptocurrency exchange.
Nowadays, though cryptocurrency mass adoption might take a little bit of time to occur, several countries in the region are truly paying attention and showing an increasing interest.
Numerous Arab countries have emerged as early adopters and are ready to become even more influential in the close future after announcing their plans to launch a digital currency to serve both countries.
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