Binance, one of the world’s biggest digital currency exchanges engaged in transactions of 600 plus cryptocurrencies, stated on Tuesday, March 15, 2022, it has won a license to perform digital assets operations in Bahrain. The permit will be strengthening its hold on the Middle East market amidst mounting scrutiny from financial regulators elsewhere.
CEO and co-founder of Binance, Changpeng Zhao, stated;
The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.
Related Readings | Bahrain Becomes Next Country to Trial Digital Currency
According to Binance, the license provides the first venture in Middle East countries. It could open doors for crypto assets investment opportunities, controlling financial holdings, and guardian services.
Binance To Operate In Middle East Territory
Binance is a well-known, powerful giant financial investment company searching for business opportunities in the Middle East countries. The exchange is facing scrutiny from regulators in at least 12 other jurisdictions. In addition, the company’s massive crypto trading unit has drawn attention for its anti-money laundering practices and investment risks to traders around the globe.
During the last week, British financial controllers have also shown concerns about the limited ability to access “fitness & propriety” of Digivault guardian owner as its parent company Eqonex based in Singapore made a strong collaboration with the payment division Binance. Financial Conduct Authority (FCA) still had concerns over Binance despite strictly warning the crypto exchange about doing business without proper authorization.
New Geographic Business Expansion Plans
The Exchange is growing its businesses worldwide at a fast pace. On Monday, March 14, 2022, the company disclosed to expand business in Brazil and entered in binding agreement with Simpaul Investimentos, the securities exchange company of Brazil. As per Binance, the company is working under the central bank of Brazil and the security market regulator. In addition, the exchange is expanding further operations in the South American state.
During the last December-2021, Binance had signed an agreement with Dubai World Trade Centre to develop an “International virtual asset ecosystem” coordinating to regulate the crypto assets circulation in the United Arab Emirate.
Related Readings | Binance Plans To Extend The Boundaries Of Crypto Industry In Non-Crypto Businesses
In 2017, Binance was founded by Changpeng Zhao, and it soon became the world’s largest cryptocurrency exchange. It processed $504 billion worth of spot trades alone in January on its platform according to data provider CryptoCompare – that’s more than any other company. In addition, this innovative firm also offers decentralized finance services like payments or investment advice and education with their blockchain projects.
Featured image from Pixabay and chart from Tradingviews.com