While Binance is expanding its business toward Central Asia, bitcoin and other major Cryptocurrencies continue to fall in price after the collapse of FTX, the world’s second-largest crypto exchange.
“The world’s largest Cryptocurrency exchange, Binance, is ready to support the Central Bank of Azerbaijan in creating mechanisms for regulating crypto assets,” the Director of Governmental Relations in CIS for Binance, Olga Goncharova said in a statement.
“Regulation of Crypto will increase confidence in the industry as well as foreign direct investment in the country,” Goncharova added.
“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.
Apart from Azerbaijan, the exchange has held meetings in other former-Soviet republics, including Central Asia’s Kazakhstan and Kyrgyzstan.
While Binance is currently the largest Cryptocurrency exchange in the world by trading volume, it’s also facing regulatory restrictions in several countries, including the U.S. where Binance is under investigation on the charge of money laundering and tax offenses.
