By George Ward
In a bid to boost global crypto adoption, Binance, one of the largest cryptocurrency exchanges in the world, has established another regional hub in Europe amid its ongoing spat with the United States. This move is an effort to expand its presence in Europe and Asia.
Binance Opens New Regional Office In Georgia
In a recent blog post, Binance announced the establishment of a regional office in Georgia. According to the announcement, the primary goal of this new establishment is to boost the adoption of cryptocurrencies and blockchain technology in Eastern Europe and Western Asia.
Through this new hub, Binance aims to enhance talent acquisition and education about the potential of blockchain while also facilitating the growth of Web3. The exchange has promised to create more jobs, provide educational opportunities, and support the development of cryptocurrency in the region.
Georgia’s advantageous geographic position between Europe and Asia, its crypto-friendly regulatory framework, and its innovative approach to the industry made it a prime destination for Binance to locate its new regional office. The exchange also voiced its disapproval of the US regulatory clampdown on cryptocurrencies and the regulators’ refusal of the Voyager-Binance.US agreement.
However, these regulatory issues haven’t deterred the exchange from pushing ahead with its international expansion. Vladimir Smerkis, Binance’s regional director, stated that Georgia is a significant part of their map.
According to him, the country has already hosted three gatherings of the crypto community, with over two thousand attendees.
US Senators Investigate Binance Over Sanctions Violations
In a letter to Changpeng Zhao, CEO of Binance, and its US branch Binance.US earlier this month, Senators Chris Van Hollen, Roger Marshal, and Elizabeth Warren notified the exchange of an impending investigation into its business activities. US authorities accuse Binance of sanctions violations, money laundering, and conducting unlicensed money transmissions.
The senators expressed concern about the exchange’s attempted circumvention of anti-money laundering laws, securities laws, data reporting protocols, and other financial regulations. They noted that there are “significant questions about the trustworthiness and legitimacy of Binance and its related entities, as well as your loyalty to your customers.”
However, the exchange replied that the two exchanges (Binance and Binance.US) operate independently. It also affirms that the exchange has nothing to hide regarding its practices and would cooperate with the authorities during their investigation.
As one of the world’s largest and most active continents for cryptocurrency trading, Binance’s establishment of a new regional office in Europe will make a massive difference in the European crypto market. Furthermore, it will help Binance to expand its presence in the region and make it a leader in the global crypto space.
Binance’s move is a significant positive development for the crypto and Web3 communities in Europe and Asia. It will enable customers in the region to access the exchange’s products and services easily.
This move will propel Binance to new heights and strengthen its European presence.
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