Virtuzone joins the list of major UAE companies such as JA Resorts and Hotels and Majid Al Futtaim officially accepting cryptocurrencies after Binance Pay integration.
Disclaimer: This article has been updated to reflect that Virtuzone is not a business lender and the new partnership between Binance Pay and the named company will not allow businesses to repay crypto loans.
Binance has highlighted its presence among investors in the Middle East with various licensed operations in Abu Dhabi, Dubai and other regions. Targeting the core corporate sector of the United Arab Emirates (UAE), Binance has partnered with company builder Virtuzone to enable new entrepreneurs to set up businesses in the UAE using cryptocurrencies.
Virtuzone joins the list of leading companies in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies after integrating Binance Pay into their payment gateway. In addition, by offering businesses the opportunity to use cryptocurrency, the company intends to break down barriers to entrepreneurship and support startup communities.
With blockchain venture capital funding down more than 43% in July, entrepreneurs are seeking funds for new crypto ventures amid the ongoing bear market. In addition to meeting this need, Virtuzone has also unveiled plans to accelerate Web3 adoption in the Middle East. In this regard, Richard Teng, head of Binance Middle East and North Africa (MENA), told Cointelegraph:
“The market emerging in the UAE around the Web3 industry is becoming a global hub for digital asset investors thanks to a number of government initiatives.”
Binance also expects the MENA region to experience strong demographic growth over the next three decades. However, Tan believed that entering the untapped market required the creation of a regulatory framework for cryptocurrencies and digital assets.
Related: Binance Aus Strengthens Measures to Protect Vulnerable Users, CEO Says
The intention of Binance CEO Changpeng “CZ” Zhao to cooperate with regulators is known to be a known fact. The exchange has restricted the Tezos Baking Bad rewards auditor account “due to a law enforcement request.”
“Binance needs to respond to such requests like any other exchange. There is a procedure for appealing the confiscation to the authorities if you want to go that route. But this is done through an agency, Binance does not control this process,” the exchanges explained as they went through the process.