- Binance CEO notes growing interest in UAE and Bahrain among crypto enthusiasts.
- The crypto community debates the favorable regulations in the Middle East compared to the US.
- One user encourages CZ to acknowledge Nigeria’s strong presence in the crypto scene.
Changpeng Zhao (CZ), the CEO of Binance, recently shared his observation on the X platform about the trend of individuals involved in the crypto industry. According to CZ, crypto enthusiasts tend to gravitate towards the United Arab Emirates (UAE) and Bahrain.
CZ noted that the trend has caught his attention. In his words, “It feels like every crypto guy I know is in UAE or Bahrain.”
Zhao’s sentiment elicited various reactions from the crypto community. Some commenters opined that the appeal of the UAE and Bahrain is largely attributed to their crypto-friendly policies and active adoption of digital currencies. They believe the favorable regulatory climate of the Middle Eastern destinations makes them a welcoming environment for more crypto enthusiasts.
Meanwhile, amid the appeal of the crypto-friendly Middle Eastern jurisdictions, a prominent crypto influencer dubbed IncomeSharks expressed frustration at the situation in the United States. IncomeSharks conveyed a sense of disappointment, remarking that it is regrettable that the United States, often celebrated as “the land of the free,” maintains an unfavorable stance on cryptocurrencies.
On the other hand, another commenter took the opportunity to raise awareness about the cryptocurrency scene on African soil, particularly in Nigeria. The commenter pointed out that Nigeria has a dominant force in the crypto space, pointing out the country’s substantial user base on the Binance platform.
Last month, Coin Edition reported that Sub-Saharan Africa witnessed an around $117.1 billion influx in crypto transactions between July 2022 and June 2023. According to the report, the figure was significantly higher than those observed in North America, Eastern Europe, Latin America, the Middle East, Western Europe, and Eastern Asia.
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