The chief executive and founder of crypto exchange Binance, Changpeng (CZ) Zhao, recently announced that the exchange will be opening an office in Romania.
The CEO visited the country and had a meeting with some of the high-ranking officials in Romania. He emphasized the intentions of the crypto exchange in expanding its operations in Eastern Europe.
The largest crypto exchange in the world because of its trading volume, Binance will now be setting up a local office in Romania.
The CEO made the announcement while he was staying in Bucharest, as part of his tour of the region. Changpeng Zhao said that the exchange would introduce support services in Romanian, begging in October.
This move is part of the crypto exchange’s plans of expanding its presence in Eastern Europe. Binance already covers a significant portion of the crypto space.
It currently is providing its services to more than 120 million customers all over the world, who are using its platform for buying and selling different digital currencies.
The Binance founder said that they wanted to become a global crypto exchange by establishing their presence in a number of local markets.
The Canadian crypto entrepreneur, who was born in China, stressed that Eastern Europe is a very important market for the crypto exchange.
Binance also established its presence in Bulgaria, the southern neighbor of Romania, last year. Since then, the company has been working on expanding its presence in other countries in Eastern Europe.
It has also established a presence in the former Soviet space, which includes Kazakhstan, Ukraine and Russia.
Zhao said that there were a lot of growth prospects for crypto in the region because Europe has seen a record rise in energy prices and inflation in general.
He believes that the European crypto market is still in its infancy and believes that it will gain more importance, particularly services, such as crypto payments.
The chief executive of Binance had a meeting with the head of the executive power of Romania in Bucharest, Prime Minister Nicolae Ciuca.
He also met with Sebastian Burduja, the Minister of Digitalization. Regulators have also shifted their focus on the crypto industry because of its rising popularity.
However, Zhao added that it was not possible to eliminate the risks simply through the introduction of regulation.
This year saw crypto market volumes experience a sharp decline and the economic conditions worsened because of the Russia and Ukraine conflict.
CZ stated that he has no idea when this downward trend will come to an end, but he was more focused on the rising number of crypto users rather than prices.
In other news, Binance is also making progress in expanding its presence in other regions. The crypto exchange recently announced the launch of two of its offices in Brazil as well.
Apart from that, Binance also got permission to offer more crypto services in Dubai, which will give it more opportunities to expand in the Middle East.