[ad_1]
lead Cryptocurrency exchange Binance has successfully added another dazzling glory to its star-studded 2021 list of achievements.The world-renowned trading platform has been approved in principle by the Central Bank of Bahrain and Canadian regulatory agencies to provide Crypto transaction Serving investors. With this, Binance will provide its world-class trading experience to cryptocurrency fans from the Kingdom of Bahrain and Canada, thereby expanding the crypto clusters in their respective territories.
According to reports, the in-principle license issued by the Central Bank of Bahrain is Binance’s first approval in the Middle East and North Africa. Speaking of this achievement, CEO Changpeng Zhao (CZ) Said that the official license of the national regulatory agency is very important to the industry. He posted a Twitter post confirming the news about the license and added that the company is happy to expand its cluster to new investors and trading platforms. These approvals help build trust in cryptocurrency and blockchain technology. Pioneer believes that the regulatory nod will help encourage large-scale adoption of cryptocurrencies on a global scale.
Abdul Karim Haji, head of licensing at the Central Bank of Bahrain, said licensing is a formality issue. He emphasized that Bahrain is the best choice for establishing Binance headquarters to expand business in the region.
The license issued by the Canadian regulatory agency will help promote the business of Binance’s new subsidiary called Binance Canada Capital Market in the region. This department will manage investors’ digital assets, facilitate the transfer of funds, manage foreign exchange, and serve as a money service business or MSB. On Friday, Binance applied for an MSB license from FINTRAC and received a green signal on Monday. The current financial license of the exchange will expire on December 31, 2024.
Interestingly, Bahrain, the smallest economy in the Gulf region, has successfully become a hot spot for cryptocurrency companies. Rain Financial is the state’s first licensed cryptocurrency exchange approved in 2019. In January, the regulator renewed the license for the CoinMENA exchange from Manama.
Throughout 2021, cryptocurrency exchanges have witnessed an exciting experience and become a strong player in this field. Recently, Binance became the first crypto exchange to enter the crypto center developed by the Dubai World Trade Center Authority. Now, as it enters Bahrain, Binance is reflecting on its plan to strengthen its control in the Middle East. The Turkish subsidiary of Binance was fined $75,000 by the Financial Crime Investigation Commission for violating anti-money laundering laws. The Binance team is working hard to maintain its position in the fast-growing crypto field by cooperating with leading companies and continuously upgrading its service ecosystem.
[ad_2]
Source link
