Changpeng Zhao (CZ), 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 senior officials and emphasized Binance’s intention to expand its direct operations in Eastern Europe.
Binance Will Launch Romanian Support This Fall, Exchange CEO Revealed in Bucharest
Binance, the world’s leading cryptocurrency exchange by trading volume, is setting up a local office in Romania, CEO Changpeng Zhao revealed during his stay in Bucharest as part of a tour of the region. The trading platform will also offer a Romanian version of the support service, starting from October.
The move is part of Binance’s plans for a broader expansion in Eastern Europe. The exchange has covered a large portion of the crypto-asset market, with 120 million customers around the world using it to buy and sell various digital currencies.
“We want to go global by playing locally in many markets,” its founder added, telling Romanian business news site Profit.ro. “I think Eastern Europe is extremely important,” emphasized the Chinese-born Canadian crypto entrepreneur.
Last year, Binance launched operations in Romania’s southern neighbor, Bulgarian. The cryptocurrency exchange has been expanding its presence in other major Eastern European markets and countries in the former Soviet Union space such as Russia, Ukraine and Kazakhstan.
Rising inflation and energy prices, quite evident in Europe, have focused attention on cryptocurrencies in the region, meaning there is growth prospects, Zhao noted. He believes the crypto market is in its infancy and expects crypto payments, for example, to become more and more important.
In Bucharest, the Binance executive met with the head of the executive branch of Romania, Prime Minister Nicolae Ciucă and Minister of Digitalization Sebastian Burduja. The burgeoning cryptocurrency industry has attracted the attention of regulators. However, regulation alone will not eliminate the risk, Zhao said.
Market volume has plummeted this year, amid a worsening economic situation due to the military conflict in Ukraine. CZ does not know when this downtrend will end but he is more interested in increasing the number of crypto users than the price, the report commented.
Do you think Binance will open offices in other countries in Eastern Europe? Share your expectations in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Jimmy Tudeschi
Disclaimer: This newspaper only gives true information. It is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement for any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or materials. goods or services mentioned in this article.