A recent analysis from Layergg, a cryptocurrency analysis firm, highlights the MENA region’s rapid adoption of blockchain tech and its potential impact on altcoins. Initiatives like Dubai’s gaming push, Abu Dhabi’s $2 billion Web3 Initiative, and Saudi Arabia’s Neom City Project are crucial milestones in this landscape.
The crypto market’s power balance is seen shifting from China to the US due to milestones like the Bitcoin Spot ETF approval and Binance’s hefty $4.3 billion fine. Binance’s market share dip below 50% indicates its challenges amid regulations, while Coinbase’s BlackRock partnership strengthens its position in traditional finance.
With the imminent ETF approval, Binance eyes a breakthrough. Richard Teng, Binance’s new CEO, is gearing for a transformation, focusing strongly on Dubai and Abu Dhabi. His expertise and network in Abu Dhabi are pivotal for Binance’s MENA expansion.
Since 2022, the MENA region has embraced pro-crypto policies, with Richard Teng’s influence deemed crucial. Binance strategically advances in MENA through Teng’s insights and connections.
As MENA’s blockchain interest grows, Layergg suggests market attention may gravitate towards certain projects:
Dubai: XRP, TON, CRO, WEMIX, SIDUS
Abu Dhabi: NPT, IOTA
Saudi Arabia: ONIT, SAND
Speculation about CZ’s resignation has circulated since June, implying Binance’s strategic decisions predate these rumors. Binance’s moves into Japan and the UAE may have been planned much earlier.
Binance seeks to reshape the US-Binance narrative into a broader Asia and MENA versus US scenario. Analysts anticipate more projects entering MENA, projecting increased attention on the MENA theme.
