Binance eyes close collaboration with Saudi regulators: CEO

Richard Teng, CEO of Binance

Richard Teng, CEO of Binance, said Saudi Arabia is a crucial market in the Middle East and North Africa (MENA) region. Accordingly, the company seeks to work closely with Saudi regulators, including the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA), as the Kingdom aims to develop its regulatory framework for cryptocurrencies.

Teng noted that the cryptocurrency adoption rate in the MENA is extremely high, reaching approximately 30% in the UAE. He added that Saudi Arabia has a very high adoption rate as well, according to Al Arabiya TV.

Centralized platforms offer several features unlike their decentralized peers, such as customer service and the regulators' ability to work with centralized platforms on licensing, along with ensuring compliance with "Know Your Customer" (KYC) and "Know Your Product" (KYP) requirements, customer onboarding, and transaction monitoring.

Teng explained that decentralized platforms might surpass their centralized peers after a very long time, when the number of cryptocurrencies becomes significantly larger.

He pointed out that the cryptocurrency adoption is still in its very early stages, which is why centralized platforms will continue to play an essential role in investors' cryptocurrency journeys.

Binance is currently working on providing clearer regulations, a better user interface, and improved product features, the CEO said, emphasizing that one of the company's primary goals is to foster more innovation and continue supporting the global growth and adoption of cryptocurrencies.

Binance announced a significant partnership with USDC and Circle regarding for stablecoins support. The company will continue working with its global, regional, and local partners to drive the cryptocurrency adoption.

Teng confirmed a rise in the number of Binance users to 250 million this year, with the number of new users reaching 70 million.