- Binance’s new banking license in Bahrain enhances its legal currency operations across the Gulf region.
- CZ emphasizes Bahrain’s crypto potential as Binance invests in AI and biotech across Gulf Cooperation Council nations.
- Binance challenges the SEC’s evolving crypto regulations, seeking clear rules for crypto transactions in the U.S.
Binance founder Changpeng Zhao, also known as CZ, made headlines on November 3 by emphasizing Bahrain’s increasing role in the cryptocurrency sector. At the Second Gulf Investment Forum in Bahrain, CZ highlighted that although Bahrain is not widely recognized as crypto-friendly, Binance’s acquisition of a Central Bank of Bahrain license signifies the country’s progressive stance.
Additionally, Binance obtained a banking license, granting it legal currency entry and exit channels in the Gulf region. This step solidifies Binance’s operations in the Middle East while also broadening its regulatory reach.
Binance’s Expanding Presence in the GCC
Besides Bahrain, CZ pointed to Hong Kong’s interest in real-world assets (RWA) but noted that RWAs often have low price volatility, potentially limiting trading volumes. His comments followed Binance’s recent engagement at Blockchain Week in Dubai, showcasing the exchange’s focus on the Gulf Cooperation Council (GCC) countries.
Not only is Binance keen on cryptocurrency, but it also aims to invest in AI, biotechnology, and other fields across GCC nations. This strategy indicates Binance’s vision of a diversified investment portfolio within the region, strategically capitalizing on the area’s expanding digital landscape.
SEC Case Highlights Regulatory Uncertainty
Nonetheless, Binance still has issues with US authorities, especially the Securities and Exchange Commission (SEC). The SEC’s ambiguous regulations regarding cryptocurrency assets were questioned by Binance’s legal team in a filing on November 4.
Read CRYPTONEWSLAND on
google news
The SEC’s initial accusations suggested Binance engaged in unregistered securities sales, but an amended complaint admitted to confusion over the definition of “crypto-asset security.” Binance’s attorneys argue that the SEC’s shifting stance hampers clear regulatory standards, especially regarding which crypto transactions qualify as securities.
Moreover, Binance’s defense team requested the dismissal of SEC allegations against its native token, BNB, and other tokens. They contend that each transaction must independently meet the Howey Test standards to qualify as a security, yet the SEC has not provided consistent criteria. Additionally, the legal team asked for the dismissal of the SEC’s demand for disgorgement from CZ, citing a lack of substantial evidence after a 16-month investigation.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
