The recent moves position the two exchanges for better facilitation as fiat islands to the different crypto and DeFi rails.
Binance Grows MENA Influence
Reports have emerged indicating Binance could be seeking a license for operation in multiple Middle East regions, including Dubai.
The largest crypto exchange in the world, Binance, has been growing its influence in the region. Ben Bartenstein of Bloomberg first confirmed on March 9 that Binance is in “firm is in discussions” to obtain a virtual asset service provider license in the Dubai World Trade Centre free zone.
“We welcome this important development,” Richard Teng, head of MENA for Binance, said in a statement to Bartenstein. “We continue to work closely with the DWTC to help establish Dubai as a world-class and progressive crypto regulatory environment.”
On March 14, Binance announced that it received a crypto-asset service provider license from the Central Bank of Bahrain. BSC News is monitoring the situation closely as the exchange sinks its teeth into the MENA Region.
It is reported that Binance CEO Changpeng Zhao purchased a home in the Dubai region during 2021. Dubai will also play host to the Binance Blockchain Week of 2022. From March 28-30, Binance will take over the desert region for what should shape up to be the most significant in-person Binance event since the pandemic.
Binance US Expands to Wyoming
Binance US also made moves to grow its reach. The US franchise arm of the largest exchange received a Money Transmitter License for the state of Wyoming.
The latest announcement came on March 11, as Binance US confirmed in the blog that this is the third license after Connecticut and West Virginia.
“We continue to prioritize compliance and operational excellence, be it through building out our team or working closely with regulators on licensing and other initiatives. Wyoming and its crypto-savvy population have emerged as champions of blockchain technology, and we are pleased to deepen our presence in the state with the support of the Wyoming Division of Banking,” CEO Brian Shroder added in the blog announcement.
Binance US operates in 45 of 50 US States and faces many regulatory hurdles across the nation with each state requiring different red tape for approval. The regulatory difficulties could be on the way out as the recent Executive Order from President Biden, and potential legislation from Wyoming Senator Lummis, seek to untangle current financial laws and facilitate greater growth in the blockchain industry.
Source : bsc.news
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