Changpeng Zhao (CZ), founder and CEO of cryptocurrency exchange Binance, has announced the opening of an office in Romania. During a visit to the country, he met with senior officials and emphasized Binance’s intention to expand its operations directly in Eastern Europe.
Binance to Launch Romanian Language Support This Fall, Exchange CEO Announces in Bucharest
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Binance, the world’s leading crypto exchange by trading volume, is establishing a local office in Romania, CEO Changpeng Zhao announced during a regional revealed while in Bucharest as part of a tour. The trading platform will also offer a Romanian version of its support services starting in October.
The move is part of Binance’s plans to expand more widely in Eastern Europe. The exchange already covers a large part of the crypto asset market, with 120 million customers worldwide using it to buy and sell various digital currencies.
“We want to be global by playing locally in multiple markets,” its founder elaborated, speaking to Romanian business news outlet Profit.ro.
“I think Eastern Europe is very important,” stressed the Chinese-born Canadian crypto entrepreneur.
Last year, Binance launched operations in Bulgaria, Romania’s southern neighbor. The crypto exchange has expanded its presence in other, major Eastern European markets and countries in the former Soviet space such as Russia, Ukraine, and Kazakhstan.
Inflation and rising energy prices, which are quite pronounced in Europe, are drawing attention to cryptocurrencies in the region, which means there are growth prospects, according to Zhao. He believes that the crypto market is still in its infancy and that cryptocurrency payments, for example, will become increasingly important.
In Bucharest, the chief executive officer of Binance met with the head of the Romanian executive power, Prime Minister Nicolae Ciuca, and Minister of Digitalization Sebastian Burduja. The developing crypto industry has attracted the attention of regulators. But mere regulation will not eliminate the risks, Zhao said.
In an economic climate exacerbated by the military conflict in Ukraine, market volumes have declined sharply this year; CZ is not sure when this downward trend will end, but he is more interested in increasing the number of crypto users than prices, the report notes.
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