Crypto Exchange Binance Gets Crypto License in DubaiMarch 28, 2022
Binance has been facing massive issues with the financial regulatory authorities of many countries around the world. However, some good news has followed the exchange after the company managed to get some regulatory clarity in Dubai. According to the recent updates from the cryptocurrency exchange platform, the firm has managed to qualify for a crypto license in the Middle Eastern trade hub Dubai.
With the help of the license, the Binance branch in Dubai will be able to operate using the ‘scale, adapt, and test’ model. The main beneficiary of the Binance services will be accredited investors and financial services organizations with established apparatus. Binance might be able to capture a major share of the growing cryptocurrency market in the Dubai World Trade Center.
Binance also Gets Regulatory Approval from Bahrain Authorities
On the first day of the current week, Binance CEO CZ posted an update on his Twitter profile about affiliation with the Central Bank of Bahrain. The crypto firm was issued a license from the Central Bank that will allow the business to operate as a regulated cryptocurrency enterprise. Meanwhile, Binance’s rival crypto exchange has been working diligently on the Asian market as well.
FTX exchange recently claimed that the company was the first one to acquire a crypto license in Dubai. The firm also claimed it will be working on capturing the Asian market share for catering to the cryptocurrency traders in the region. At present, Binance is unable to find a suitable location for its physical headquarters due to the regulatory issues it is facing.
Binance management remarked that the cryptocurrency license will allow the firm to operate as a portfolio management and custodial services provider in the region. Binance CEO, CZ further added that the event was a major milestone for the company.
The company also claimed that it has already filed for a Memorandum of Understanding or MOU to legally acquire Sim; paul Investimentos. The company in question is a securities firm operating in Brazil. Binance management further explained that with the opening of Brazil, the company is planning to go on an acquisition spree in the region to ensure a massive and fast expansion in the region.