Investors in the UAE can now use cryptocurrency to pay back loans thanks to a deal with Binance Pay. Binance has made a name for itself in the Middle Eastern investment community by setting up shop in a number of the region’s major cities, including Abu Dhabi, Dubai, and others.
For the purpose of targeting the mainstream corporate sector in the United Arab Emirates, Binance teamed with business lender Virtuzone to enable new entrepreneurs to repay loans using cryptocurrencies (UAE).
With the addition of Binance Pay as a payment option, Virtuzone joins the ranks of other well-known UAE companies that take cryptocurrency, such as JA Resorts & Hotels and Majid Al Futtaim. The company also aspires to reduce barriers to entrepreneurship and improve startup ecosystems by enabling businesses to repay seed and other types of money using cryptocurrency. The United Arab Emirates (UAE) can take a giant leap into the future thanks to Binance Pay’s partnership with crypto loan repayment.
In the middle of a bear market, when venture capital funding for blockchain projects dropped by 43% in July, entrepreneurs still needed to find ways to finance new crypto ventures. Besides fulfilling this necessity, Virtuzone has announced its desire to hasten the spread of Web3 throughout the Middle East. After hearing this, Richard Teng, CEO of Binance MENA, responded:
The United Arab Emirates (UAE) “will become a global hub for investors in digital assets as a result of the market that is forming around the Web3 industry as a result of several government initiatives.”
According to Binance’s projections, the Middle East and North Africa region would have a significant increase in population over the next three decades. In contrast, Teng thinks that entering the uncharted market calls for the creation of crypto and digital asset regulations.
Everyone knows that Binance CEO Changpeng ‘CZ’ Zhao is happy to work with authorities. The Tezos staking rewards auditor Baking Bad has his account suspended “due to a request from law enforcement.”
The same rules that apply to any other exchange also apply to Binance, thus they must comply with such requests. If you disagree with the agency’s seizure, you can file a complaint with them and have it reviewed. But that’s handled by the agency, not Binance; we have no say in that,” the rep said.
In recent months, Binance has made substantial efforts in growing its business in a number of different international markets.