Binance Pay partnership enables UAE business owners to launch their ventures using cryptocurrency

Following the integration of Binance Pay, Virtuzone joins the list of mainstream businesses in the UAE, including JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies.

Binance established its footprint among Middle Eastern investors by operating several legally sanctioned businesses in Abu Dhabi, Dubai, and other areas. Binance collaborated with Virtuzone, a company that specializes in company formation, in order to target efforts at the United Arab Emirates’ (UAE) mainstream corporate sector. This partnership enables new business owners to launch operations in the UAE utilizing cryptocurrency.

As UAE’s no. 1 company formation specialist, #Virtuzone takes the lead by becoming the first corporate services provider in the country to form a strategic partnership with @binance & accept #crypto payments via #Binance Payhttps://t.co/2fZWbh5uQs@nadeemladki @GeorgyGeorge9 pic.twitter.com/uiZxPAaTXp

— #VIRTUZONE (@Virtuzone_UAE) August 29, 2022

Entrepreneurs are searching for sources of finance for new cryptocurrency enterprises in the midst of a protracted bear market, with blockchain venture capital funding declining by over 43% in July. Virtuzone indicated plans to speed up Web3 adoption in the Middle East in addition to meeting this demand.

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

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