Binance launches Qafila 2026 with $1 million in USDC rewards across MENA and Pakistan
Binance is offering eligible users in the Middle East, North Africa and Pakistan a $1 million reward pool in USDC through Qafila 2026, as the exchange reports that half its users in those markets are ages 18-29.
Layla Haddad
Campaign runs through November 30
Binance announced Qafila on October 20, 2026, with promotions scheduled from October 20 through November 30. The dates come from its official announcement and a company statement covered by Pakistani newspaper The News on October 21.
Participants can complete activities involving trading, Simple Earn and community referrals, subject to the rules in their markets. Available tasks, eligibility requirements and rewards differ by market and user.
The campaign takes its name from the caravan, an idea familiar in Arabic- and Urdu-speaking communities that combines collective progress with individual ambitions. Binance describes Qafila as a way to connect users across the region through participation, product discovery and rewards.
Young users and use of multiple products
Binance's latest regional figures put users ages 18-29, which it identifies as adult Gen Z, at 50% of its user base in the Middle East and North Africa (MENA) and Pakistan. In Pakistan alone, that share is 54%. The National describes Binance as the world's largest cryptocurrency exchange by trading volume and registered users.
The data also measures activity beyond a single product: 52.9% of verified users across MENA and Pakistan had used at least two Binance products. The UAE led at 69.3%, followed by Bahrain at 57.2% and Pakistan at 52.6%.
Alongside trading, Binance offers earning and payment services, Binance Square and Binance Academy. The company says its users increasingly want financial tools, education and community services on the same platform.
Speaking to The National, Tarik Erk, Binance's head of MENAT and senior executive officer, described MENA and Pakistan as priority markets where digital adoption is changing users' expectations. He said the company's All Finance on Binance vision aims to combine choice, practical utility and education, bringing digital assets, traditional financial markets and everyday financial tools into one ecosystem.
Stablecoin activity grows in MENA
Earlier Binance research identified MENA as its fastest-growing region for stablecoin savings on Binance Earn. MENA's portion of the platform's global stablecoin balances increased from 5.53% to 9.21%.
MENA also accounted for 11% of global stablecoin trading volume on Binance in 2026, compared with 7% in 2023. Binance said that increase made it the fastest-growing region by trading-volume share over the period. The UAE held the largest stablecoin holdings within MENA.
The wider picture on Binance
Globally, emerging economies account for 77% of Binance users, according to the company's platform data, up from 49% in 2020.
Binance Research also reports that Gen Z makes up 44% of users of Binance Direct Stocks and bStocks. Among new TradFi users, Gen Z's share increased from 41% in January to 47% in July 2026. Binance says those findings show younger users participating more widely in traditional financial markets through digital platforms, underscoring the role of access, choice and financial education.
The National's report on the campaign was produced in partnership with Binance.
