Richard Ting, CEO of cryptocurrency exchange Binance, said that Saudi Arabia is a very important market in the Middle East and North Africa region.

He explained that Binance looks forward to working very closely with the Saudi regulatory authorities, including the Central Bank of Saudi Arabia (SAMA) and the Capital Market Authority, as Saudi Arabia looks to develop its own regulatory framework for cryptocurrencies to support this sector.
 
Ting added in an interview with Al Arabiya that the adoption rate of cryptocurrencies in the Middle East and North Africa is very high, with the UAE alone accounting for nearly 30%, indicating that Saudi Arabia also has very high adoption.
 
He stated that centralized platforms currently provide many features that decentralized platforms cannot provide, such as customer service, the ability of regulators to work with centralized platforms on their licenses, ensuring that there are requirements - know your customer - and know your products, onboarding customers and monitoring transactions.
 
He explained that decentralized platforms may outperform centralized ones after a very long time when the number of cryptocurrencies becomes much larger, noting that currently the adoption of cryptocurrencies is still in a very early stage and therefore centralized platforms will continue to play an important role in the journey of cryptocurrency investors.
 
He explained that Binance is currently working on providing clearer regulations, a better user interface, and better product features, noting that its most important work is to find more innovation and continue to support the growth and adoption of cryptocurrencies globally.
 
Ting noted that Binance has announced an important partnership with USDC and Circle regarding the support of stablecoins, which is a very important tool in the crypto world, adding that it will continue to work with its global, regional and local partners to adopt cryptocurrencies.
 
He confirmed that the number of users increased to 250 million users this year, as 70 million new users joined the Binance platform.