Binance May Establish Office in Vietnam’s Da Nang Financial City, CEO Teng Signs MOU

Vietnam Deputy Prime Minister Nguyen Hoa Binh has called on Binance to establish an office and trading platform in Da Nang City.

The minister met Binance CEO Richard Teng on Wednesday during a working trip to the UAE, a local media reported. He also invited Teng to act as a senior advisor for the development of the Vietnam International Financial Center.

Besides, the Deputy Prime Minister also met with leaders of Bybit and Emaar. Bybit has over 2.5 million users in Vietnam, accounting for about 15% of the market.

At the meeting, Bybit CEO Ben Zhou welcomed Vietnam’s plans to pilot digital assets and build an international fintech hub. Besides, Bybit affirmed its readiness to help create a legal framework and train human resources for Vietnam.

Binance Signs MOU with Vietnam’s Da Nang

Binance signed a memorandum of understanding with the Da Nang People’s Committee on cooperation in developing blockchain and digital assets.

Further, Binance’s Teng agreed to share experiences and cooperate closely to develop the nation’s crypto market. He also agreed to support in building an international financial center, based on the Abu Dhabi model.

Richard Teng Bets Big on APAC Region, Growth and Regulatory Compliance in Focus

Teng recently said that his firm plans to support South Korean crypto start-ups through Binance’s platforms, like Binance Labs. He noted that many firms struggle with the challenges of entering the global market.

Binance has already registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND). Teng stressed that there is potential for growth in the Indian crypto market.

Further, during a recent panel session with Hashed co-founder and partner Ryan Kim, held in Seoul, the Binance head highlighted the shifting crypto focus on the broader APAC market.

“That sort of shifted to Singapore, when Singapore flew the crypto flag in 2020. Earlier this year, [shifted to] Hong Kong,” he said. “So you have, within Asia Pacific, different countries looking in general at how to become very [crypto] friendly.”

Early this month, the world’s largest crypto exchange appointed former Crypto.com Senior VP, SB Seker, to lead Binance’s APAC operations.