Binance has obtained a license from the Central Bank of Bahrain to operate as a crypto service provider, marking a significant step for the crypto exchange to expand in the Middle East.
See related article: Binance eyes gaming, e-commerce in upcoming acquisition spree
Fast facts
- Binance will be allowed to offer crypto trading, custodial and portfolio management services with the license, the company said Monday.
- Binance founder and CEO Changpeng Zhao (CZ) said the license from Bahrain is “a milestone in our journey to being fully licensed and regulated around the world.”
- Meanwhile, Binance announced Monday that it has signed a memorandum of understanding to explore the acquisition of Sim;paul Investimentos, a securities firm in Brazil.
- Binance’s move in Brazil comes after CZ said in a Financial Times interview last week the exchange is eyeing opportunities in non-crypto industries with plans to go on an acquisition spree.
- Binance is currently dealing with regulatory hurdles in numerous regions without operating from a physical global headquarters.
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