HomeNewsThe Binance Pay partnership enables UAE business owners to pay back loans...

The Binance Pay partnership enables UAE business owners to pay back loans with cryptocurrency.

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Following the integration of Binance Pay, Virtuzone joins the group of well-known companies in the UAE accepting cryptocurrencies, including JA Resorts and Hotels and Majid Al Futtaim.

Binance established its presence among Middle Eastern investors by operating several legally sanctioned businesses in Abu Dhabi, Dubai, and other areas. By collaborating with business lender Virtuzone, Binance has made it possible for new business owners to repay loans with cryptocurrencies, with an eye toward the United Arab Emirate’s (UAE) mainstream corporate sector.

After incorporating Binance Pay into its payment gateway, Virtuzone joins the list of well-known companies in the UAE accepting cryptocurrencies, including JA Resorts and Hotels and Majid Al Futtaim. The company also wants to lower barriers to entrepreneurship and support startup communities by giving businesses the option to repay seed and other forms of funding through cryptocurrencies.

Entrepreneurs are searching for sources of funding for new cryptocurrency ventures in the midst of an ongoing bear market, with blockchain venture capital funding declining by over 43% in July. Virtuzone revealed plans to speed up Web3 adoption in the Middle East in addition to meeting this need. Middle East and North Africa (MENA) region head Richard Teng said:

“The market that is developing in the UAE around the Web3 industry, thanks to a number of government initiatives, is one that will become a global hub for investors in digital assets.”

Binance anticipates that over the following three decades, the MENA region will experience rapid demographic change. To enter the untapped market, according to Teng, a regulatory framework for cryptocurrencies and digital assets must be put in place.

Changpeng ‘CZ’ Zhao, the CEO of Binance, has made it clear that he intends to cooperate with the authorities. As a result, the exchange restricted Baking Bad’s Tezos staking reward account “in response to a law enforcement request.”

“Like any other exchange, Binance is required to comply with such requests. If you want to challenge the seizure with the agency, there is a procedure for doing so. However, Binance has no control over that process; it is handled by the agency, the exchange said, justifying the move.

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