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Changpeng Zhao (CZ), founder and CEO of cryptocurrency exchange Binance, has announced the opening of an office in Romania. During a visit to the country, he met with senior officials and emphasized Binance’s intentions to expand direct operations in Eastern Europe.
Binance, the world’s leading crypto exchange by trading volume, is setting up a local office in Romania, CEO Changpeng Zhao revealed during his stay in Bucharest, part of a regional tour. 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 wider expansion in Eastern Europe. The exchange already covers a large part of the crypto-asset market, with 120 million customers worldwide using it to buy and sell various digital currencies.
“We want to go global by playing locally in several markets,” elaborated the founder, speaking to Romanian business news Profit.ro. “I think Eastern Europe is extremely important,” stressed the Chinese-born Canadian crypto-entrepreneur.
Last year, Binance started operations in Romania’s southern neighbor, Bulgaria. The crypto exchange has expanded its presence in other large Eastern European markets and countries in the former Soviet space such as Russia, Ukraine and Kazakhstan.
Inflation and rising energy prices, quite evident in Europe, have drawn attention to cryptocurrencies in the region, which means there are growth prospects, Zhao noted. He believes the crypto market is in its infancy and expects that, for example, cryptocurrency payments will become more and more important.
In Bucharest, Binance’s CEO met with the head of Romania’s executive power, Prime Minister Nicolae Ciucă, and Minister of Digitalization Sebastian Burduja. The evolving crypto industry has caught the attention of regulators. However, regulation alone will not eliminate the risk, says Zhao.
Market volumes fell sharply this year amid deteriorating economic conditions exacerbated by the military conflict in Ukraine. CZ does not know when this downward trend will end, but he is more concerned with increasing the number of crypto users than prices, the report said.
Do you think Binance will open offices in other countries in Eastern Europe? Share your expectations in the comments section below.
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