February 23, 2023

Binance CEO Points To Middle East as Upswing Region of Crypto

Binance Zhao

Binance Zhao

Binance CEO Changpeng Zhao said the cryptocurrencies’ upswing will start from the Middle East, according to Cointelegraph.

Zhao’s remarks came in a reply to a tweet by Cameron Winklevoss, the co-founder of crypto exchange Gemini, as he complained about the US authorities’ strict enforcement procedures against several crypto companies.

Winklevoss tweeted: “My working thesis atm is that the next bull run is going to start in the East. It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind. It can’t be stopped. That we know. Any government that doesn’t offer clear rules and sincere guidance will be left in the dust. Quickly. This will mean missing out on the greatest period of growth since the rise of the commercial Internet.”

Zhao replied: “Start in the Middle of the East?” in a reference to the Middle East region.

Indeed, Middle Eastern countries like the UAE and Bahrain became more welcoming toward crypto and digital assets in general thanks to their supportive policies. The UAE recently unveiled its first federal-level regulations for Virtual Asset and Virtual Asset Service Providers (VASPs), seeking to add another layer of oversight to the industry.

While in May 2022, Binance Bahrain received a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB).

Winklevoss was not the only person who complained about the US’s recent procedures toward crypto firms. CEO and Co-founder of Coinbase pointed out that the US procedures could push cryptocurrency firms to choose offshore centers that are more crypto-friendly as well as CEO of the Crypto Council for Innovation Sheila Warren.

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