The Binance Cryptocurrency exchange is providing assistance to Azerbaijan as it develops regulations for digital assets. The leading trading platform has been active in the region over the past year and is seeking to increase its presence and collaborate with authorities.
Binance Aiding Azerbaijan Central Bank With Crypto Regulations
The world’s leading crypto-asset exchange Binance has offered its support to the Central Bank of Azerbaijan (CBA), said Olga Goncharova, the director of government relations at the company, who was instrumental in creating regulatory frameworks. She spoke with Azerbaijan Trend News Agency, a media outlet.
In actuality, central banks in numerous CIS countries and around the world decide to regulate cryptocurrencies instead of banning them.
“The adoption of regulations will enhance trust in the industry and also foreign direct investment in the country,” Goncharova outlined. The executive emphasized that Binance has significant expectations for the future of the crypto industry, noting that traders in CIS countries are showing interest in its products.
“Though crypto assets have dropped this year due to various reasons, we can see that the technology itself has been resilient and enthusiasm for it will just grow. This technology can solve the issues citizens face, like financial services with low cost and even faster,” Goncharova pointed out.
The Largest Exchange Looking to Increase Connections in CIS Region
Olga Goncharova also noted that apart from Azerbaijan, the exchange has held meetings in other countries. Soviet republics, Kazakhstan and Central Asian Kyrgyzstan, and it is planning to extend the scope of such contacts.
In the beginning of October, Binance expressed its support for the Kazakhstan government’s “safe development” of the crypto market in the country and agreed to cooperate with its financial authorities. Later, a license was granted to provide cryptocurrency exchange and custody services.
The global business platform is also seeking to expand its presence in Eastern Europe, with an announcement of the opening of a brand-new office in Romania in September. The development of the crypto industry has drawn the attention of regulators, founders, and CEOs, including Changpeng Zhao during his visit to Bucharest.
Like others in the industry, the exchange has been affected by the adverse developments in crypto. The collapse of FTX, the world’s largest cryptocurrency exchange, was the most recent. On Dec. 13, Binance had net outflows of $3 billion, according to a report. Zhao warned in a memo to his colleagues to expect turbulent months.
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