Changpeng Zhao (CZ), the founder and chief executive of cryptocurrency exchange Binance has announced that a new office will be opened in Romania. During his visit to Romania, he met high-ranking officials to highlight Binance's plans to expand its direct operations in Eastern Europe.
Binance launches Romanian-Language support this fall, Exchange CEO unveils in Bucharest
Binance, the largest crypto exchange in terms of trading volume, has opened a local office. CEO Changpeng Zhao disclosed this during his visit to Bucharest as part of a regional tour. Starting in October, the trading platform will offer a Romanian version its support service.
This move is part Binance's plan to expand in Eastern Europe. Binance already has 120 million users worldwide who use it to trade and buy various digital currencies.
Its founder, Profit.ro, stated that they want to be global and play in multiple markets. The Canadian-born crypto entrepreneur stressed that Eastern Europe was extremely important.
Binance opened operations last year in Bulgaria, Romania's southern neighbour. The crypto exchange has expanded its presence on other major Eastern European markets as well as countries in former Soviet space like Russia, Ukraine, and Kazakhstan.
Zhao pointed out that rising energy prices and inflation have drawn attention to cryptocurrencies in Europe. This means there are potential growth opportunities. Zhao believes that the crypto market is still in its infancy, and anticipates that cryptocurrency payments will become more and more popular.
Bucharest was the location where Binance's chief executive met Prime Minister Nicolae Ciuca and Sebastian Burduja, Minister of Digitalization. Regulators have been focusing their attention on the rapidly developing crypto industry. Zhao says that mere regulation will not eliminate these risks.
Due to worsening economic conditions and the conflict in Ukraine, market volumes dropped sharply this year. CZ doesn't know when this trend will stop, but he is more interested in increasing crypto users than price growth, the report states.
Are you positive that Binance will open offices elsewhere in Eastern Europe? Please comment below with your expectations.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
The most popular form of investing in gold is through physical bullion bars. You can also invest in gold in other ways. It is best to research all options and make informed decisions based on your goals.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you require cash flow, gold stocks can work well.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs usually include stocks of precious metals refiners or gold miners.
How Much of Your IRA Should Include Precious Metals?
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. You don't have to be rich to invest in them. You can actually make money without spending a lot on gold or silver investments.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. They are not stocks but offer long-term growth.
And, unlike traditional investments, their prices tend to rise over time. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What is the best precious-metal to invest?
Answering this question will depend on your willingness to take some risk and the return you seek. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. You might not want to invest in gold if you're looking for quick returns. If you have time and patience, you should consider investing in silver instead.
If you don’t want to be rich fast, gold might be the right choice. Silver may be a better option for investors who want long-term steady returns.
Statistics
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
irs.gov
bbb.org
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
3 Ways To Invest in Gold For Retirement
It's crucial to understand where gold fits in your retirement strategy. You have many options for investing in gold if there is a 401K account at your workplace. You might also be interested to invest in gold outside the workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are the rules for gold investing:
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, put cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins are easier to sell than certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio. Never place all your eggs in the same basket. In other words, spread your wealth around by investing in different assets. This can reduce market volatility and help you be more flexible.
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By: Lubomir Tassev
Title: Binance Founder CZ Announces Romanian Office as Part of Regional Expansion
Sourced From: news.bitcoin.com/binance-founder-cz-announces-romanian-office-as-part-of-regional-expansion/
Published Date: Thu, 22 Sep 2022 07:00:38 +0000
