Wednesday, May 22, 2024

Binance CEO lauds Gulf countries for “great regulatory climate” for crypto.

Changpeng Zhao, the CEO of Binance, applauded the Gulf countries for having a “great regulatory climate” for cryptocurrency. He said the region understands that crypto is the future of fintech.

CZ highlighted that the government and its leaders understand that they need the crypto industry, and thus, are very warm and welcoming. Binance’s boss said the Gulf region understands that it cannot rely on oil forever. The crypto and blockchain industry stands out as particularly interesting; the industry has also achieved the status as one of the fundamental pillars of the future of fintech.

After making its presence felt in the Gulf, Binance is now eyeing the Group of Seven (G7) countries. CZ said the crypto exchange will have some good news to share in the next coming weeks. He hinted that the country will be in Europe. CZ had praised France in April for its crypto regulations. Binance had launched a EUR 100 million initiative to develop the local crypto and blockchain industry.

The crypto exchange is looking for more physical locations as part of its broader strategy to follow more of a traditional corporate structure. It includes establishing a physical regional headquarters to secure licenses from regulators around the world. CZ said Binance’s communications with regulators have dramatically improved. He attributed this to hiring a lot of very senior guys with regulatory backgrounds.

Binance has three offices in Dubai, one in Abu Dhabi and one in Bahrain, as well as in London and Paris. However, the crypto exchange is still very much unclear about its global headquarters.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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