Why the Middle East Could Be Crypto's Next Goldmine

Why the Middle East Could Be Crypto’s Next Goldmine

Time Stamp: August 28, 2023 7:45 AM
Why the Middle East Could Be Crypto's Next Goldmine PlatoBlockchain Data Intelligence. Vertical Search. Ai.

In the
fast-paced world of cryptocurrency, adaptation is key. The latest edition of
the Finance Magnates Intelligence’s Quarterly Industry Report (QIR) offers an
exclusive look into how leading players navigate the turbulent regulatory
scrutiny waters. Against their backdrop, the Middle East, particularly Dubai,
is beginning to emerge as a player that could become a new cryptocurrency hub.

Facing the Storm:
Regulatory Challenges in the West

Our
in-depth analysis uncovers Binance’s challenges in traditional financial
strongholds like the USA and the European Union. Accused of operating without
proper licenses and facing bans, warnings, and investigations, Binance’s share
in the US market has seen a drastic decrease.

It all
began in early June when the US Securities and Exchange Commission (SEC ) sued
Binance in connection with the alleged unregistered sale of its native token
BNB and the stablecoin Binance USD (BUSD). This triggered a wave of subsequent
regulatory issues for the platform and decreased the exchange’s share in the US
market.

In the
meantime, the exchange lost an important banking partner for EUR payments, the
German BaFin rejected its licensing application, and all the turmoil led to the
laying off over 1,000 exchange employees. However, despite these challenges,
Binance has not given up on its global ambitions. The company has been actively
seeking new opportunities and markets in other jurisdictions, where it sees a
growing demand and interest for crypto assets and services.

As a result
of the above problems, Binance began to look toward the Middle East.

“Experience
has shown that financial institutions seek two things – regulation they can
work with, and a robust market – and it seems certain places in the Middle East
can provide that,” Remonda Kirketerp-Møller, the Founder and CEO at
Muinmos, commented.

A New Horizon: The Middle
Eastern Promise for Crypto & FX

Binance is approaching
the East, particularly the United Arab Emirates (UAE) and Dubai. The region has
a large and young population that is tech-savvy and eager to adopt new
innovations. According to a report by Chainalysis, the Middle East ranks fourth
in the world in terms of crypto adoption, with Turkey, Iran, and Egypt being
among the top 20 countries.

“The
UAE has shown exceptional leadership in the realm of virtual asset regulation ,
and Binance is committed to collaborating with regulators and policymakers in
the MENA region to ensure secure operations and practices in the virtual asset
industry, user protection, and market integrity,” Alex Chehade, the
Executive Director and General Manager of Binance FZE in Dubai, commented.

According
to Chehade, the UAE could become the primary destination for cryptocurrency
businesses seeking favorable and transparent regulations. Chehade highlighted
that Binance noted a desire within the UAE’s senior leadership to position the
region as a key player in the Web3 industry.

In a
conversation with Finance Magnates, the local branch manager of Binance
asserted that the exchange is based in the UAE because the local market
provides certainty for business development. Constructing a large business
where the law is continually changing is unfavorable. Binance seeks
predictability, and the Middle East is expected to provide it.

Get the Full Analysis in the
QIR

The QIR
explores Mashriq’s emerging role as a global crypto hub and the opportunities
for retail trading companies. It provides an unparalleled look into the
cryptocurrency landscape, with insights, data, and analysis from the Finance
Magnates Intelligence Department. Do not miss the chance to explore the
innovative strategies that industry leaders are employing to overcome
regulatory hurdles and unlock new opportunities.

Order
the QIR today
and dive into the pioneering steps that are shaping the future of crypto trading
in the Middle East.

In the
fast-paced world of cryptocurrency, adaptation is key. The latest edition of
the Finance Magnates Intelligence’s Quarterly Industry Report (QIR) offers an
exclusive look into how leading players navigate the turbulent regulatory
scrutiny waters. Against their backdrop, the Middle East, particularly Dubai,
is beginning to emerge as a player that could become a new cryptocurrency hub.

Facing the Storm:
Regulatory Challenges in the West

Our
in-depth analysis uncovers Binance’s challenges in traditional financial
strongholds like the USA and the European Union. Accused of operating without
proper licenses and facing bans, warnings, and investigations, Binance’s share
in the US market has seen a drastic decrease.

It all
began in early June when the US Securities and Exchange Commission (SEC ) sued
Binance in connection with the alleged unregistered sale of its native token
BNB and the stablecoin Binance USD (BUSD). This triggered a wave of subsequent
regulatory issues for the platform and decreased the exchange’s share in the US
market.

In the
meantime, the exchange lost an important banking partner for EUR payments, the
German BaFin rejected its licensing application, and all the turmoil led to the
laying off over 1,000 exchange employees. However, despite these challenges,
Binance has not given up on its global ambitions. The company has been actively
seeking new opportunities and markets in other jurisdictions, where it sees a
growing demand and interest for crypto assets and services.

As a result
of the above problems, Binance began to look toward the Middle East.

“Experience
has shown that financial institutions seek two things – regulation they can
work with, and a robust market – and it seems certain places in the Middle East
can provide that,” Remonda Kirketerp-Møller, the Founder and CEO at
Muinmos, commented.

A New Horizon: The Middle
Eastern Promise for Crypto & FX

Binance is approaching
the East, particularly the United Arab Emirates (UAE) and Dubai. The region has
a large and young population that is tech-savvy and eager to adopt new
innovations. According to a report by Chainalysis, the Middle East ranks fourth
in the world in terms of crypto adoption, with Turkey, Iran, and Egypt being
among the top 20 countries.

“The
UAE has shown exceptional leadership in the realm of virtual asset regulation ,
and Binance is committed to collaborating with regulators and policymakers in
the MENA region to ensure secure operations and practices in the virtual asset
industry, user protection, and market integrity,” Alex Chehade, the
Executive Director and General Manager of Binance FZE in Dubai, commented.

According
to Chehade, the UAE could become the primary destination for cryptocurrency
businesses seeking favorable and transparent regulations. Chehade highlighted
that Binance noted a desire within the UAE’s senior leadership to position the
region as a key player in the Web3 industry.

In a
conversation with Finance Magnates, the local branch manager of Binance
asserted that the exchange is based in the UAE because the local market
provides certainty for business development. Constructing a large business
where the law is continually changing is unfavorable. Binance seeks
predictability, and the Middle East is expected to provide it.

Get the Full Analysis in the
QIR

The QIR
explores Mashriq’s emerging role as a global crypto hub and the opportunities
for retail trading companies. It provides an unparalleled look into the
cryptocurrency landscape, with insights, data, and analysis from the Finance
Magnates Intelligence Department. Do not miss the chance to explore the
innovative strategies that industry leaders are employing to overcome
regulatory hurdles and unlock new opportunities.

Order
the QIR today
and dive into the pioneering steps that are shaping the future of crypto trading
in the Middle East.

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