Binance to Help Azerbaijan With Crypto Regulations – Binance, the world’s largest crypto asset exchange, is ready to assist the Central Bank of Azerbaijan (CBA) in developing mechanisms for crypto regulation, according to the company’s Director of Governmental Relations in the Commonwealth of Independent States (CIS), Olga Goncharova.
Speaking to Azerbaijan’s Trend News Agency, the Binance representative revealed that regulatory matters have been discussed during a recent meeting with CBA officials and stated: “In practice, both around the world and in a number of CIS countries, central banks choose the way to regulate cryptocurrency rather than ban it.”
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“Introducing regulation will increase confidence in the industry as well as foreign direct investment in the country,” Goncharova elaborated. The executive emphasized that Binance sees great potential for the crypto industry in the future, noting that traders in CIS countries show interest in its products.
“Even though crypto assets declined this year for various reasons, we see that the technology itself has held up and interest in it will only grow. This technology solves the challenges citizens are facing, including financial services at minimal cost and even faster,” Goncharova pointed out.
Olga Goncharova also stated that, in addition to Azerbaijan, the exchange has had meetings in other former Soviet republics, including Kazakhstan and Kyrgyzstan in Central Asia, and plans to expand the geography of such contacts.
Binance pledged to assist Kazakhstan’s government in the “safe development” of the country’s crypto sector in early October and agreed to collaborate with its financial regulators. It was later licensed to provide cryptocurrency exchange and custody services.
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In September, the global trading platform announced the opening of a new office in Romania as part of its efforts to expand its footprint in Eastern Europe. The expanding crypto business has caught the attention of regulators, according to founder and CEO Changpeng Zhao during a visit to Bucharest.
The world’s biggest crypto exchange, like others in the industry, has been hit by negative occurrences in the market, the most recent of which was the collapse of its competitor, FTX. On December 13, Binance had net outflows of $3 billion, according to a report, and Zhao warned staff in a message to expect turbulent months ahead.