Binance continues to grow and expand and has attained licenses to operate in the Middle East: Dubai. Ben Nartenstien from Bloomberg reported on March 16 that the virtual asset license acquired by Binance will now allow them to perform regional business from Dubai.
Nartenstien’s report reads, “Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers under an initial regulatory phase.”
With this enormous move forward for Binance, the continued hope is that Binance’s presence in the MENA region will engage other areas of the world, therefore, setting a regulatory response standard for the future.
Regional expansion continues for Binance. The news of licensure in Dubai came only days before receiving additional approval to operate in the Kingdom of Bahrain.
Binance is also occupied securing a Memorandum of Understanding with Brazil. This partnership is being created to develop the Brazilian cryptocurrency and blockchain ecosystem. There is also a possibility that the Brazilian securities firm regulated by the Central Bank of Brazil, Sim;Paul, will also be acquired by Binance.