Africa is still behind in terms of cryptocurrency trading volume, but Binance CEO said there is a huge opportunity for crypto adoption in the continent.
Binance CEO Changpeng Zhao (CZ) said the cryptocurrency exchange is bullish about cryptocurrency adoption in Africa despite lagging behind other continents in terms of trading volume. He made this known during a recent interview with Tech Crunch.
When asked why he was bullish about Africa, CZ said the continent holds some unique crypto potential. He said;
“The African continent holds some unique opportunities for cryptocurrency adoption and development, and so, we’ve always been bullish in Africa. Crypto is solving the issues of cross-border payments and remittances (sending money within Africa and beyond), currency devaluation, etc. Many African countries have suffered from high unemployment rates, and crypto and blockchain have provided innovative job opportunities for a young and brilliant continent, bringing Africans closer to financial freedom.”
Nigeria and Kenya, two of Africa’s largest economies and leading cryptocurrency nations, have cracked down on crypto trading activities in recent months. In Nigeria, banks have stopped offering services to crypto exchanges, making it impossible for citizens to deposit and withdraw crypto funds using the Naira.
The citizens have turned their attention to peer-to-peer platforms like Binance P2P, Paxful and LocalBitcoins. Nigeria remains one of the leading countries in the world in terms of cryptocurrency adoption.
CZ pointed out that Binance welcomes regulation in Africa and other parts of the world. He added that Binance is actively keeping abreast of changing policies, rules and laws in this space. He insisted that Binance will assist regulators and find the optimal way to ensure a fair playing field for investors and innovators.
Binance has come under scrutiny in various parts of the world for how it operates. However, the crypto exchange has made massive changes to its mode of operation over the past few months as it looks to comply with the numerous regulatory requirements across the globe.