Cryptocurrency

Binance gets green lights for Canada and Bahrain

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Binance celebrates the New Year with the approval of two different parties in the world.

The cryptocurrency exchange has obtained a principled license from the Central Bank of Bahrain to operate as a crypto asset service provider in the Kingdom of Bahrain. According to the announcement, Binance entities in the Middle East and North Africa were approved in principle.

In a statement, Binance CEO CZ stated that the approval of national regulators is “essential to building trust in cryptocurrencies and blockchains and helping to further increase the rate of mass adoption.”

Abdulkarim Haji, the head of licensing at the country’s central bank, said that in terms of licensing, it was a “procedural issue”. He emphasized that Bahrain is an ideal location for Binance to set up its headquarters in the region.

Unexpectedly, Binance also received cryptocurrency financing license In Canada, registered as Binance Canada Capital Market. The new subsidiary of the exchange will handle digital assets, remittances, foreign exchange and operate as a money service business (MSB).

CZ confirmed the permission on Twitter. He said that they are happy to expand the customer support team to include customers and other cryptocurrency exchanges.

On December 24, the cryptocurrency exchange applied for an MSB license from FINTRAC, which was approved on December 27. The current financial license of the exchange will expire on December 31, 2024.

Bahrain, the smallest economy in the Gulf, has always been a leader in the field of digital assets. Rain Finance became The first licensed crypto asset platform After obtaining permission from the country’s central bank, the region began operations in 2019. In January, the Bahraini Monetary Authority renewed a License for CoinMENA, headquartered in Manama.

Binance’s decision reflects the company’s greater focus on the Middle East.The company recently became The first crypto exchange to join the new crypto center According to Cointelegraph, it was established by the Dubai World Trade Center Authority.

related: Binance launches BNB Auto-Burn to replace quarterly burn agreement

As cryptocurrency exchanges continue to expand into new countries and obtain appropriate regulatory approvals, Binance’s regulatory journey in 2021 will be exciting. At the same time, it also faces severe criticism, warnings and fines from multiple authorities.

recent, Binance Turkey fined $750,000 Prosecuted by the Financial Crime Investigation Commission (MASAK) for failing to meet the financial supervision reporting requirements.