{"id":24670,"date":"2023-03-27T03:18:32","date_gmt":"2023-03-27T10:18:32","guid":{"rendered":"https:\/\/coinnetworknews.com\/crypto-exchange-binance-launches-new-regional-hub-in-georgia\/"},"modified":"2023-03-27T03:18:32","modified_gmt":"2023-03-27T10:18:32","slug":"crypto-exchange-binance-launches-new-regional-hub-in-georgia","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/crypto-exchange-binance-launches-new-regional-hub-in-georgia\/","title":{"rendered":"Crypto exchange Binance launches new regional hub in Georgia"},"content":{"rendered":"
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Cryptocurrency exchange Binance continues expanding its global reach by setting up a new blockchain hub in crypto-friendly Georgia.<\/p>\n

On March 26, Binance\u00a0announced<\/a>\u00a0the opening of its brand-new blockchain hub in Georgia, aiming to promote further adoption of crypto in the country. Referring to the hub as a \u201cWeb3 outpost,\u201d Binance intends to attract talent to the Georgian blockchain sector, promote industry education and create more job opportunities.<\/p>\n

According to the announcement, Binance\u2019s Georgia division currently employs 25 people cooperating with the local public and private sectors to organize educational and hackathon events. The crypto firm expects to create \u201cdozens more jobs\u201d with the launch of its regional hub in Georgia by the end of 2023.<\/p>\n

Binance\u2019s regional director Vladimir Smerkis told Cointelegraph that Georgia is one of the most innovative countries in the region, and is a \u201cserious leader\u201d in terms of the level of crypto adoption. He rated Georgia\u2019s current level of crypto adoption at 8 out of 10, saying there are no serious challenges to further adoption.<\/p>\n

Smerkis stressed that Georgia\u2019s regulators understand that stringent restrictions in the crypto market can often lead to negative consequences, adding:<\/p>\n

\u201cThere are many developers and enthusiasts in Georgia who create independent blockchain projects, games […] This country is an excellent springboard for the development of this direction.\u201d<\/p><\/blockquote>\n

Smerkis also said that Binance has a physical location in the country, adding, \u201cThe legal side of the opening of the hub is being worked through.\u201d<\/p>\n

The launch of Binance\u2019s new regional hub in Georgia follows several milestones in the process of Binance\u2019s growth in the country. Earlier this year, Binance partnered<\/a> with the local crypto payment gateway, CityPay, entered a collaboration with the Georgian Innovation and Technology Agency, and launched a Binance charity initiative to support women-focused Web3 education.<\/p>\n

Related: <\/em><\/strong>Binance employees allegedly help customers in China bypass KYC controls<\/em><\/strong><\/a><\/p>\n

Binance CEO Changpeng \u201cCZ\u201d Zhao<\/a> visited Georgia for the first time in November 2022. During the visit, CZ met<\/a> with Georgia\u2019s prime minister Irakli Garibashvili, and the local business and crypto communities.<\/p>\n

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Binance CEO Changpeng Zhao (left) and Georgian Prime Minister Irakli Garibashvili. Source: Binance<\/em><\/figcaption><\/figure>\n

A former member of the Soviet Union, Georgia has emerged as one of the world\u2019s most crypto-friendly countries, with the Georgian government having ambitions to make the country a major global crypto hub<\/a>. Georgia is widely known for hosting a lot of Bitcoin (BTC<\/a>) ATMs, allowing users to convert crypto into cash and vice versa. According<\/a> to data from CoinATMRadar, Georgia\u2019s capital Tbilisi\u00a0hosts more than 100 Bitcoin ATMs at the time of writing.<\/p>\n

Magazine: <\/em><\/strong>Best and worst countries for crypto taxes \u2014 Plus crypto tax tips<\/em><\/strong><\/a><\/p>\n