Binance To Help Azerbaijan With Crypto Regulations

By Senoria Khursheed ⏐ 3 years ago ⏐

3 min read

A new step in the Binance industry is ready to come. Cryptocurrency exchange Binance has offered to support Azerbaijan in establishing regulations for digital assets. The best leading coin trading platform has been active and wants to do something creative this year as they are seeking to expand their market presence and planning to increase interaction with authorities.

Binance To Help Azerbaijan’s Monetary Authority With Regulations For Cryptocurrencies

Binance always tries to bring new things and is always ready to collaborate with different platforms to boost its sector. The world’s largest crypto asset exchange is prepared to support the Central Bank Of Azerbaijan (CBA) in elaborating mechanisms for Crypto regulation. In addition, the company’s Director of Governmental Relations in the Commonwealth of Independent States (CIS), Olga Goncharova, explained to Laval media.

While communicating with Azerbaijan’s Trend News Agency, the Binance representative revealed that regulatory matters are in discussion in a meeting with CBA officials. In a statement, he said that, In practice, both around the world and in several CIS countries, central banks choose the way to regulate cryptocurrency rather than ban it.

Moreover, Goncharova added that introducing regulations will increase confidence in the industry and foreign direct investments in the country. Per the executives, Binance sees excellent potential for the crypto industry in the future. However, traders in CIS show interest in its products.

Besides, crypto assets declined this year for various reasons. We see that the technology has a shelf up, and interest in it will only grow. However, technology will help to solve the challenges citizens are facing. The challenges may include financial services at minimal cost, and even faster, Goncharova pinned out.

The Biggest Exchange Looking To Expand Contacts In CIS Area

Olga Goncharova also stated that the exchange had held meetings in other former-Soveit republics besides Azerbaijan, including Kyrgyzstan and Central Asia’s Kazakhstan.

Earlier in October, Binance offered to assist Kazakhstan’s government in safeguarding the nation’s cryptocurrency market. Later, it received a license to provide custody and exchange services for cryptocurrencies.

In addition, the international trading platform announced the opening of a new office in Romania in September. The step is to strengthen its presence in Eastern Europe. However, the developing crypto industry has caught the attention of regulators, Changpeng Zhao commented during a visit to Bucharest.

Unfavorable changes in the market have impacted the world’s largest cryptocurrency exchange. In record, the latest was the collapse of its competitor FTX on Dec 13.

Binance experienced a net outflow of $3 billion, and Zhao is quoted in a report as telling his co-workers in a memo to prepare for challenging months.