In an interview with Gulf Business, Bader Al Kalooti, regional head of MEASAT at Binance noted that the crypto exchange platform has seen a 20 percent growth in MENA since 2020.
He noted to Gulf Business, “We have seen the Middle East quickly becoming an epicenter for crypto, a place where platforms and projects migrate to expand and launch their Web3 companies. Each region is different, and we can see the community adapt and attract different aspects of the industry.”
He also explained that MENA is a significant market for Binance because of its young population with 60 percent under the age of 30, who are as he notes are tech savvy.
He believe that collaboration with banks, fintech, and government bodies is vital to ensure compliance.
According to Kalooti, the new product Sharia Earn will evolve and expand and will also see expansion of token offering while adhering to Islamic finance principles.
Finally he sees a rising appetite from institutions and sovereign wealth funds as well as telecom for crypto. He cited a 2023 partnership with Beyon Money in Bahrain, and a $2bn investment from Abu Dhabi-based MGX, as clear examples of how Binance is supporting industry players. “We are actively aiming to meet institutional demand by offering tailored services based on each sector’s individual need.”
Blockchain’s most promising Gulf applications lie in areas like logistics and healthcare, according to Al Kalooti. “I’m most excited about how blockchain can bring transparency and traceability to food supply chain management and pharmaceutical logistics to ensure halal compliance, reduce counterfeiting, and build trust.”
Al Kalooti sees Binance playing a deeper role in enabling digital infrastructure across the Gulf. “We see Binance being a key player in the Gulf’s digital economy, not just as an exchange but as part of the region’s financial infrastructure,” he said. “We are focusing on institutional engagement and supporting real-world use cases like cross-border payments, digital remittances, and DeFi participation.”
Eric Trump, the son of President Donald Trump, during his participation at Token 2049 demystified the stablecoin behind the deal that was made between UAE sovereign wealth fund MGX and Binance crypto exchange. The $2 billion investment by MGX into Binance was announced earlier this year, yet the stablecoin mentioned for carrying out the deal remained a mystery.
