{"id":194981,"date":"2023-10-18T13:39:09","date_gmt":"2023-10-18T13:39:09","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194981"},"modified":"2023-10-18T13:39:09","modified_gmt":"2023-10-18T13:39:09","slug":"middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/","title":{"rendered":"Middle East Becomes Global Crypto Hub as Regulations Mature: Binance GM &#8211; Coinpedia Fintech News"},"content":{"rendered":"<ul>\n<li>\n<p><span>Cryptocurrency exchanges and firms are gravitating towards the Persian Gulf due to its growing regulatory frameworks.<\/span><\/p>\n<\/li>\n<li>\n<p><span>Binance is a major player in the region, with over 600 employees in Dubai.<\/span><\/p>\n<\/li>\n<li>\n<p><span>MENA s the world&#8217;s fastest-growing cryptocurrency market, with $566 billion worth of transactions in 1 year.<\/span><\/p>\n<\/li>\n<\/ul>\n<p>Alex Chehade, the General Manager of Binance FZE, reveals that a growing number of cryptocurrency exchanges and firms are gravitating towards a crypto haven in the Persian Gulf.<\/p>\n<p>But, what&#8217;s drawing the companies to this region? And what role does Binance play in this all? Let&#8217;s find out.<\/p>\n<h2><strong>Alex Chehade&nbsp;<\/strong>Speaks Out<\/h2>\n<p>Alex Chehade, who oversees Binance&#8217;s local office in Dubai, says that the region&#8217;s growing regulatory frameworks are an enormous appeal for startups and well-established industry players.<\/p>\n<p><em>\u201cRegulatory certainty and clarity stand out in the Middle East. We have a virtual-asset-specific regulator here in Dubai, VARA. We have ADGM with its virtual asset framework; we have Bahrain\u2019s central bank is accepting of cryptocurrencies.\u201d<\/em><\/p>\n<p>Chehade thinks that regulators in other countries either lack the &#8220;bandwidth&#8221; to start regulating the industry or haven&#8217;t fully understood the ins and outs of the cryptocurrency environment. He makes a case for doing business in the region, where notable events like GITEX and the Future Blockchain Summit bolster the ecosystem.<\/p>\n<p>The General Manager of Binance FZE points out the importance of stability in achieving long-term goals. In this regard, he notes the constructive role of the regulatory frameworks in these specific Middle Eastern nations.<\/p>\n<h2><strong>Binance<\/strong>: A Catalyst for Web3<\/h2>\n<p>Additionally, Chehade emphasized Binance&#8217;s function as a catalyst for establishing Web3 businesses and startups in the area.<em> <\/em><\/p>\n<p><em>We\u2019re an ecosystem enabler, we\u2019re the biggest Web3 company in the world. You often see network effects with size and we\u2019re seeing a healthy environment with big and small players.\u201d<\/em><\/p>\n<p>With over 600 employees, Binance is leaving a substantial mark on Dubai&#8217;s burgeoning cryptocurrency scene. Chehade reveals that Binance FZE has operated as a licensed exchange in Dubai for a year and a half, with distinct operations and custody from the company&#8217;s global activities.<\/p>\n<p>Also Read: FTX\u2019s Bankman-Fried vs. Binance\u2019s Changpeng Zhao: What Went Wrong?<\/p>\n<h2><strong>Backing from Visa&#8217;s Chopra<\/strong><\/h2>\n<p>Akshay Chopra, vice president and head of innovation and design at Visa, confirmed Chehade&#8217;s views on the region&#8217;s positive regulatory stance in an earlier interview with Cointelegraph at the Blockchain Economy Dubai Summit.<\/p>\n<p>As a board member of the MENA Fintech Association, Chopra cited the &#8220;forward-looking and inclusive view of blockchain and crypto solutions&#8221; as a significant factor in the development of the industry in the area.&nbsp;<\/p>\n<p>Chainalysis&#8217; research underscores the Middle East and North Africa&#8217;s (MENA) remarkable growth as the world&#8217;s fastest-growing cryptocurrency market. Between July 2021 and June 2022, users in the region engaged in cryptocurrency transactions worth a staggering $566 billion.<\/p>\n<h2>The Forces Behind it All&#8230;<\/h2>\n<p>This cryptocurrency surge owes its momentum to the region&#8217;s welcoming regulatory climate and the escalating interest in digital assets. The Persian Gulf&#8217;s strategic location offers swift access to a substantial investor pool and prospects for partnerships with traditional financial institutions.<\/p>\n<p>Also Read: Ripple\u2019s XRPL Set to Dominate MENA Markets<\/p>\n<p>Source: <a href=\"https:\/\/coinpedia.org\/news\/https:\/\/coinpedia.org\/news\/middle-east-regulatory-clarity-boosts-crypto-industry-growth-says-binance-fze-chief\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchanges and firms are gravitating towards the Persian Gulf due to its growing regulatory&#8230;<\/p>\n","protected":false},"author":4,"featured_media":194980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Middle East Becomes Global Crypto Hub as Regulations Mature: Binance GM - Coinpedia Fintech News - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Middle East Becomes Global Crypto Hub as Regulations Mature: Binance GM - Coinpedia Fintech News - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency exchanges and firms are gravitating towards the Persian Gulf due to its growing regulatory...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T13:39:09+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/10\/Middle-East-Becomes-Global-Crypto-Hub-as-Regulations-Mature-Binance-GM-Coinpedia-Fintech-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/\",\"name\":\"Middle East Becomes Global Crypto Hub as Regulations Mature: Binance GM - Coinpedia Fintech News - Tokens Talk\",\"isPartOf\":{\"@id\":\"https:\/\/tokenstalk.info\/#website\"},\"datePublished\":\"2023-10-18T13:39:09+00:00\",\"dateModified\":\"2023-10-18T13:39:09+00:00\",\"author\":{\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\"},\"breadcrumb\":{\"@id\":\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/middle-east-becomes-global-crypto-hub-as-regulations-mature-binance-gm-coinpedia-fintech-news\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tokenstalk.info\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Middle East Becomes Global Crypto Hub as Regulations Mature: Binance GM &#8211; 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