Crypto News / Cryptocurrency / Regulation · December 19, 2022

Binance Assists Azerbaijan With Its Cryptocurrency Laws

Binance, a cryptocurrency exchange, has volunteered to help Azerbaijan in its efforts to put up rules for digital assets.

The top crypto trading platform has been involved in the region this year in an effort to boost its market presence and communicate with authorities more often.

Binance to support Azerbaijan’s financial officials with cryptocurrency laws

According to Olga Goncharova, the head of government Relations in the CIS, Binance, the biggest exchange for digital currencies in the world, is prepared to assist the CB (Central Bank) Azerbaijan in developing mechanisms for cryptocurrency regulation.

According to Goncharova’s further explanation, enacting regulations will boost both domestic and foreign investment in the nation’s economy.

The CEO stressed that Binance believes the cryptocurrency market has a bright future, stating that customers from the CIS region are interested in its offerings.

We can see that the technology has held up, and demand for it will only increase, despite the fact that crypto assets decreased this year for a variety of reasons.

With this technology, problems that citizens face, such as access to financial services, may be resolved quickly and cheaply.

Largest exchange wants to increase contacts in the CIS region

Olga Goncharova added that in addition to Azerbaijan, Binance has organized meetings in other former Soviet republics, such as Kyrgyzstan and Kazakhstan in Central Asia and seeks to broaden the geographic scope of such exchanges.

Binance pledged to assist Kazakhstan’s government in the “safe growth” of the nation’s cryptocurrency sector in early October and consented to work with its financial regulators.

Later, it received a license to offer custody and cryptocurrencies exchange services.

Activities of Binance in other nations

The international trading platform announced the creation of a new branch in Romania at the beginning of the fall as part of its efforts to strengthen its footprint in Eastern Europe.

Changpeng Zhao said during a trip to Bucharest that regulators are paying attention to the growing cryptocurrency business.

The planet’s biggest crypto exchange, like others in the sector, has been hit by unfavorable changes in the market, the most recent of which is the demise of its rival, FTX.

On December 13, Binance had net outflows of $3 billion, and Zhao is described in a newspaper as telling his coworkers in a note to prepare for challenging months.