Launched in 2017, Binance has become the best exchange in the crypto sphere. The Cayman Islands issued Binance has managed to acquire financial handling through widely spread banking, finance, and government engagements.
Binance has expanded to convincing levels as it seeks to reach out to the Middle East and North American market. As usual, Binance seeks to enter into partnerships with various central banks and governments from those countries, encouraging blockchain technology acceptance in the region.
Though there have been so much exciting ventures and engagements, Binance recently encountered some mild challenges. Prominent regulators from the far West and far East not forgetting Europe have warned the cryptocurrency community about Binance.
Crypto is also undertaking proper assessment and evaluation of Binance. This includes an assessment of how money is transferred to avoid laundering. The reputable Arabian business mogul who is also the current Director of Binance in the Middle East and North Africa Omar Rahim said that such ventures by Binance to the Middle East will be a great step in the decentralization of money.
He added that Binance’s major thrust is to partner structures of the society like central banks and central governments. That way Binance seeks to achieve a legit yet progressively collaborative bounded in the crypto sphere. The journey to a successful governmental interaction has been hard looking at the fact that some countries have rigid regulations which will take a while to amend.
However, all seems to be in proper shape because governments are willing to corporate while Binance itself is currently working on a much stringer check system to curtail money laundering. This will be a security guarantee for all crypto participants from across the Middle East and North Africa.
Looking at MENA which involves both UAE and Bahrain, it has specific regulations which have been in place for quite a while now. Binance seeks to pioneer financial services in these Middle East regions, a step that will attract a large client base.
The goal really is to reach a massive potential hub status. Rahim’s comment towards MENA endeavors was pretty convincing for someone who has a good history in terms of Binance. He sees MENA jurisdictions as a future hub for future Binance operations.
In actual fact, Binance has managed to hire a total of 30 people while more vacancies are going to be created and filled. It’s a good call-out move for Middle East clients. Research has indicated that many people in the Middle East are willing to take part in Binance financial services however there is a doubtful and judgmental group.
Cryptocurrency: Beneath the Surface
Such a member from the group is Emirates NDB which warned Middle East clients to desist from bitcoin investment. The major reasoning behind this is volatility citing that volatility has a high risk attached to it. Much concern has emanated on pushback which has grown big threatening clients on money laundering.
However, Rahim stands against such a movement citing that the Middle East region is yet to fully delve into the depths of decentralized finances. He is pretty convinced as a director that the MENA region is the ultimate trading spot for every potential trader. Decentralization of finances is the new norm and crypto is the new evolution on the block.
It has become the ideal replacement for traditional means of passing money and engaging in financial services. Rahim reaffirmed that people from the Middle East are starting to see a green light when it comes to crypto protocols and products. It hasn’t been experienced before in the rigid society of MENA but such engagements will bring a better financial picture.
NFTs are also proving to be potentially better if given attention. Non Fungible Tokens have greatly benefited many digital art producers with some selling off products for millions in just a simple single trade. You talk of entertainment, sport, or the world of paintings or art, they have all grabbed a green leaf from NFT.
The Middle East, a Complex Region
In as much as Binance wishes to spread its wings to the Middle East, Rahim raised a pertinent issue directing to the dichotomy engraved in the society. The Middle East and North Africa regions are very complex meaning that wealthy and poorer countries are all bundled together.
Countries like Lebanon which have for long been ravaged by civil wars and poor financial performances have already begun to embrace crypto transactions. A move to the digital system of doing things has made it easy to purchase basic products, necessities to be more exact.
Regulatory Considerations
Binance has appeared at the right moment. It has proven to be the right destination from the traditional service delivery system. Remember that Binance is decentralized and operations have a loose foundation since there is no specific headquarter.
Though there are some pushback regulations in these regions, Binance is still gathering momentum. It has reached the Atlantic and has largely become an affiliate in many countries.
