Binance sees 49% YTD rise in new users in MENA region

Binance recently obtained a minimal viable product license from Dubai’s Virtual Asset Regulatory Authority to offer approved virtual asset-related services

Crypto trading platform Binance has reported a sharp surge in user growth, with a 49 per cent year-to-date increase in users in the MENA region this year.

This increase demonstrates the rising demand for virtual assets driven by progressive government initiatives enabling a number of businesses to enter the space.

The company has maintained its growth momentum in the MENA region this year due to increased licensing and partnerships with regulated firms. The blockchain service provider has also grown to over 400 employees in Dubai alone.

Adding to these user and employee growth achievements, Binance recently obtained a minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), which allows the company to offer a range of approved virtual asset-related services to suitably qualified retail and institutional investors in Dubai.

Binance has also boosted its Global Law Enforcement Training Program to respond to the increase in demand for security training resulting from growing interest in crypto adoption from companies in the public and private sectors. The programme is a global coordinated effort designed to help assist law enforcement across the globe to detect financial and cybercrimes.

Richard Teng, regional head of MENA at Binance, commented: “It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption, but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region, and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.”

“We’ve got exciting plans for Binance in the MENA region and are putting together a highly skilled team to lead our expansion, setting a firm foundation for our future growth. Aligned with our growth objectives, we remain committed to working closely with local regulators to establish a safe and secure ecosystem, and we will continue our cooperation in Dubai and the wider UAE to develop a robust virtual asset infrastructure that protects the market and the investors.” Teng added.

Further expanding its footprint in the MENA region, Binance recently partnered with local point-of-sale and online payment service provider EazyPay in Bahrain to launch Binance Pay, which allows customers to use bitcoin as payment.

In the UAE, Binance also signed a strategic partnership with Majid Al Futtaim, to enable customers to make purchases with virtual assets at Majid Al Futtaim’s various establishments. This is in addition to partnerships established with Jebel Ali Resorts, Palazzo Versace and Virtuzone.