Changpeng Zhao (CZ), the founder and CEO of cryptocurrency exchange Binance, has announced the opening of an office in Romania. During his visit to the country, he met with high-ranking officials and emphasized Binance’s intentions to expand direct operations to Eastern Europe.
Binance to launch Romanian-language support this fall, exchange CEO unveiled in Bucharest
Binance, the world’s leading crypto exchange by trading volume, is setting up a local office in Romania, CEO Changpeng Zhao revealed during a field tour during his stay in Bucharest. The trading platform will also offer a Romanian version of its support service starting in October.
The move is part of Binance’s plans for a wider expansion in Eastern Europe. The exchange already covers a large part of the crypto asset market, with 120 million customers around the world using it to buy and sell various digital currencies.
Speaking to Romanian business news outlet Profit.ro, its founder elaborated, “We want to go global by playing locally in many markets.” “I think Eastern Europe is extremely important,” stressed the Chinese-born Canadian crypto entrepreneur.
Last year, Binance launched operations in Romania’s southern neighbor Bulgaria. The crypto exchange is expanding its presence in other, major Eastern European markets and countries in the former Soviet space such as Russia, Ukraine and Kazakhstan.
Zhao added that inflation and rising energy prices, as evident in Europe, have focused cryptocurrencies in the region, meaning there is potential for growth. He believes that the crypto market is in its infancy and expects cryptocurrency payments, for example, to become more and more important.
In Bucharest, the Binance chief executive met with Romania’s head of executive power, Prime Minister Nicolae Ciuca, and Digitization Minister Sebastian Barduja. The developing crypto industry has attracted the attention of regulators. Zhao says, however, that regulation alone will not eliminate the risks.
Market volume declined sharply this year amid a deteriorating economic situation due to the military conflict in Ukraine. The report states that CZ does not know when this decline will end, but he is more concerned with increasing the number of crypto users than with the price.
Do you think Binance will open offices in other countries in Eastern Europe? Share your expectations in the comment section below.
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Credit : news.bitcoin.com