Binance is one of the largest cryptocurrency exchanges in the world that supports classic digital asset trading, investment, as well as P2P trading. The exchange was founded in 2017 by Changpeng Zhao, an entrepreneur of Chinese origin. In the crypto community, he is known by the name "CZ".
Binance cooperates with many countries around the world. And, more recently, the company has been actively cooperating with Georgia. On March 27, Binance announced the opening of a regional blockchain hub in Georgia.
The new blockchain hub in Georgia was opened in order to attract more talented blockchain specialists to Binance and develop the crypto industry in Georgia. In addition, the opening of the hub will contribute to crypto education.
At the time of writing, the Binance team in Georgia included 25 people. But, with the opening of the hub, Binance is looking forward to expanding its Georgian division.
Binance's Georgia general manager, Giorgi Chagelishvili, spoke about the opening of a new blockchain hub:
“The opening of the hub in Georgia is a logical continuation of the dialogue that we started with the government last year. Thanks to the hub, we will strengthen the development of the recruiting program in the country, as well as make an even greater focus on the regional presence of Binance.”
The opening of a new blockchain hub is the result of Binance's good relations with Georgia’s authorities. This cooperation began not so long ago, but it is already bearing fruits. At the end of November 2022, CZ made his first business visit to Georgia.
During this trip, the head of Binance met with Prime Minister Irakli Garibashvili. They discussed the perspectives of the crypto industry in Georgia. During this meeting, CZ expressed his interest about Georgia and promised investments in the country:
“We discussed all kinds of support, from recruiting programs to educational efforts to investments. The meeting was very positive. After this meeting, our confidence in Georgia increased significantly, and this will empower us to invest in the country more heavily.”
The next step was a few months after CZ's visit, in February 2023, when Binance signed a memorandum of understanding (MoU) with The Georgian Agency for Innovation and Technology (GITA).
It is possible that this move is connected with recent regulatory winds that Binance is facing in more advanced markets. The crypto regulatory of Dubai, Virtual Assets Regulatory Authority (VARA), has requested the crypto exchange to provide additional information regarding their ownership, management, and auditing processes as part of their permit application process. In UK, Binance can no longer process withdrawals and deposits for its UK clients after its local banking partner terminated its operating agreement. We continue to Observe.