Changpeng Zhao, founder and chief executive of the cryptocurrency exchange Binance (CZ), has opened an office in Romania. During a visit to the country, he met with high-ranking officials and emphasized Binance’s intentions to expand direct operations in Eastern Europe.
Exchange CEO in Bucharest Unveils Binance’s Romanian Language Support.
Binance, the world’s leading crypto exchange by trading volume, is setting up a local office in Romania, CEO Changpeng Zhao revealed during his stay in Bucharest, part of a regional tour. A Romanian-language version of the support service will be offered by Binance’s trading platform, beginning in October.
The move is part of Binance’s plans for wider expansion in Eastern Europe. Binance already has 120 million users worldwide who use it to trade and buy various crypto currencies.
“We want to go global by playing locally in multiple markets,” its founder elaborated, speaking to the Romanian business news outlet Profit.ro. “I think Eastern Europe is extremely important,” stressed the Chinese-born Canadian crypto entrepreneur.
Last year, Binance launched operations in Romania’s southern neighbor, Bulgaria. Binance has expanded its presence on other major Eastern European markets as well as countries of the former Soviet Union, such Russia, Ukraine, and Kazakhstan.
Zhao stated that rising energy prices and inflation have drawn more attention to cryptocurrency in Europe. These factors indicate there are potential growth opportunities. Zhao believes that the cryptocurrency market is still in its early stages and anticipates that crypto payments will become increasingly important.
In Bucharest, Binance’s chief executive met with the head of Romania’s executive power, Prime Minister Nicolae Ciucă, and Minister of Digitalization Sebastian Burduja. Regulators have been focusing their attention on the rapidly developing crypto market. Zhao says that mere regulation will not remove the risk.
Due to worsening economic conditions and the conflict in Ukraine, market volumes dropped sharply. CZ is not sure when this trend will reverse, however he’s much more interested in increasing cryptocurrency users than increasing prices.
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