Binance celebrates the new year with approvals coming from two sides of the globe.
The Central Bank of Bahrain has granted the crypto exchange an in-principle licence to allow it to operate in the Kingdom of Bahrain as a provider of crypto assets service providers. The announcement states that the in-principle approval is the first time that Binance entities have been approved in the Middle East and North Africa regions.
Binance CEO CZ stated that approval by national regulators was essential to build trust and promote mass adoption.
Abdulkarim Haji is the director of licensing at the central bank. He said that licensing is “merely formalities”. Binance’s ideal location to locate its headquarters is Bahrain, he said.
Binance Canada Capital Market has been granted a Canadian crypto financing license, surprising no one. Binance Canada Capital Market will be the new exchange’s subsidiary. It will manage digital assets, money transfers and foreign exchange, as well as function in the Money Service Business (MSB) category.
CZ confirmed licensing via Twitter. He stated that they are excited to expand their customer service team to include customers of other crypto exchanges.
Boxing day. https://t.co/XmnyQIODLT
CZ Binance (@cz_binance), December 27, 2021
The crypto exchange submitted FINTRAC on December 24th for an MSB license. This was approved on December 27th. The current financial license of the exchange will expire December 31, 2024.
Bahrain, the smallest country in the Gulf, has been a leader in the sector of digital assets. Rain Financial was granted permission by the central bank of Bahrain to operate as a licensed crypto-asset platform. The license for CoinMENA, Manama-based CoinMENA was renewed by Bahrain’s Monetary Authority in January.
Binance’s decision is a reflection of the firm’s increasing focus on the Middle East. Cointelegraph reported that Binance was the first cryptocurrency exchange to join a new hub created by Dubai World Trade Centre Authority.
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Binance’s regulatory journey has been thrilling in 2021 as the cryptocurrency exchange expands into new countries and gets regulatory approval. It has also been subject to severe criticism, warnings, and even fines from numerous authorities.
Binance Turkey was recently fined $750,000 by Financial Crimes Investigation Board, MASAK for not meeting financial surveillance report requirements.