Binance had a turbulent time with regulators in 2021, but its effort to step up on regulatory compliance is now paying off.
Binance Receives New Licenses
It has been a week of non-stop positive regulation news for Binance. Within just one week, the world’s largest crypto ecosystem received licenses to operate in Bahrain, followed by Dubai, Louisiana, and a brokerage deal in Brazil.
The licenses give regulatory approval to Binance’s operations allowing the exchange to legally provide digital-asset services such as trading, custodial services, portfolio management, etc., to users in those jurisdictions. In a tweet on March 17, the CEO, Changpeng Zhao, pondered on Binance’s eventful week:
“This week so far: @Binance gets Bahrain License, @Binance gets Dubai License, @BinanceUS gets Louisiana License, @Binance to acquire brokerage in Brazil. It’s only Thursday. Build,” the Binance Boss stated.
Things have indeed quickly turned around for Binance as far its regulatory fortunes are concerned. In 2021, the crypto giant weathered a heavy storm of regulatory backlash over alleged poor compliance with financial regulations. But Binance made efforts to try and comply with regulatory requirements, including hiring a former regulator for its American subsidiary, Binance.Us, and recruiting a cyber-crimes expert as VP of its Global Intelligence team. Those efforts now appear to be paying off.
The crypto world would be thankful that the world’s biggest crypto exchange didn’t crumble under the weight of intense regulatory scrutiny. A collapse would have had a far-reaching negative impact on the rest of the industry. While most regulators worldwide focused attention on Binance as the major player, it gave other crypto stakeholders valuable time to adjust to the growing reality that crypto adoption and regulation may have to work together. As Binance continues to expand its global presence, the crypto industry would be the ultimate beneficiary of Binance’s regulatory wins.
Where to find Binance:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
