Changpeng Zhao (CZ), founder and CEO of cryptocurrency exchange Binance, announced the opening of an office in Romania. During a visit to the country, he met with high-ranking officials and outlined Binance’s intentions to expand its direct operations in Eastern Europe.
Binance will launch Romanian-language support this fall, Exchange CEO reveals in Bucharest
Binance, the world’s leading crypto exchange by trading volume, is opening a local office in Romania, CEO Changpeng Zhao revealed while in Bucharest as part of a regional tour. The trading platform will also offer a Romanian version of its support service from October.
The move is part of Binance’s plans for broader expansion in Eastern Europe. The exchange already covers a large portion of the crypto asset market, with 120 million customers worldwide using it to buy and sell various digital currencies.
“We want to globalize by playing locally in several markets,” explained its founder, speaking to Romanian media Profit.ro. “I think Eastern Europe is extremely important,” the Chinese-Canadian crypto entrepreneur pointed out.
Last year, Binance launched operations in Romania’s southern neighbor, Bulgaria. The crypto exchange has expanded its presence to other major Eastern European markets and countries from 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 prospects for growth, Zhao noted. He believes the crypto market is in its infancy and expects cryptocurrency payments, for example, to become increasingly important.
In Bucharest, Binance’s CEO met with Romania’s Chief Executive, Prime Minister Nicolae Ciucă, and Minister of Digitalization Sebastian Burduja. The developing crypto industry has caught the attention of regulators. However, mere regulation will not eliminate the risks, Zhao says.
Market volumes have fallen 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 about the increase in the number of crypto users than prices, the report notes.
Do you think Binance will open offices in other Eastern European countries? Share your expectations in the comments section below.
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