Binance Pay partnership allows UAE entrepreneurs to repay loans using crypto

by · August 30, 2022

Binance marked its presence among investors in the Middle East by running various licensed operations in Abu Dhabi, Dubai and other regions. Targeting the United Arab Emirates’ (UAE) mainstream corporate sector, Binance partnered with business lender Virtuzone to allow new entrepreneurs to repay loans using cryptocurrency.

Virtuzone joins the list of mainstream businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies after integrating Binance Pay into its payment gateway. In addition, by giving companies the ability to repay seed and other forms of funding through cryptocurrencies, the company intends to reduce barriers to entrepreneurship and support the startup communities.

With blockchain venture capital funding down over 43% in July, entrepreneurs are looking to raise funds for new crypto ventures amid an ongoing bear market. In addition to serving this need, Virtuzone also revealed plans to accelerate Web3 adoption in the Middle East. On this note, Richard Teng, Head of Binance Middle East and North Africa (MENA), stated in conversation with Cointelegraph:

“The market developing in the UAE around the Web3 industry, thanks to a number of government initiatives, is one that will become a global hub for investors in digital assets.”

Binance also expects the MENA region to enjoy strong demographic growth over the next three decades. However, Teng believed that entering the untapped market requires the introduction of a regulatory framework for crypto and digital assets.

Related: Binance Aus steps up measures to protect vulnerable users, CEO says

Binance CEO Changpeng ‘CZ’ Zhao’s intention to work with the regulators has been established as a well-known fact. In doing so, the exchange restricted the account of Tezos staking reward auditor Baking Bad “as a result of a law enforcement request.”

“Binance is required to cooperate with such requests, just like any other exchange. There is a process for disputing the seizure with the agency if you want to go that route. But it’s done through the agency, Binance has zero control over that process,” the exchange explained while sufficient the move.