Key takeaways:
- Binance has received preliminary authorisation to operate as a crypto-asset service provider in Bahrain.
- Binance, a cryptocurrency exchange, has obtained a licence to operate in Canada.
Binance, the world’s largest crypto exchange, continues its global development as a regulator-friendly exchange one step at a time. Following its license application, it gained in-principle approval from the Central Bank of Bahrain (CBB) to operate as a crypto-asset service provider in Bahrain.
“The clearance acknowledges Binance’s resolve to fully comply with legal standards as well as our larger commitment to anchor operations and activities in Bahrain,” stated Binance founder and CEO Changpeng Zhao (CZ).
CBB is the first body in the Middle East and North Africa (MENA) to give Binance entity in-principle approval. However, despite CBB clearance, the crypto exchange must still complete the entire application process.
Also, read BNB Auto-Burn is Replacing Binance’s BNB Quarterly Burn
Furthermore, CZ stated that global regulatory approval will pave the way for the widespread usage of crypto and blockchain. Especially the pro-crypto CBB, which is working hard to create a crypto-asset framework that adheres to worldwide anti-money laundering, counter-terrorism financing, transaction monitoring, and consumer protection standards. CZ stated that the convergence of TradFi and DeFi will provide consumers with the best of both worlds, facilitating secure crypto investments in general.
“National regulators, such as the Central Bank of Bahrain, must recognize and approve crypto and blockchain to generate trust and aid mass adoption…
It establishes a baseline for safe acceptance and implementation by linking established financial systems and the crypto industry.”
Binance’s global expansion speed has increased dramatically since it chose the centralized route. It also received a crypto finance license from Canadian officials at the same time as it announced its Bahrain triumph.
Binance has registered itself as a native organization in Canada, called the Binance Canada Capital Market, according to CoinGape’s breaking news broadcast today. Binance’s sole presence in Canada will support digital asset, money transfer, and foreign exchange services and serve as a Money Service Business (MSB).
Binance has established a domestic corporation in Canada to conduct virtual currency transactions. According to a tweet sent by the exchange’s CEO Changpeng Zhao earlier today, the same has gotten approval from the authorities. As a result, Binance Canada Capital Markets will be a Money Service Business (MSB). They will be able to trade in digital assets, money transfers, and foreign currency, according to the company’s filing on December 24.
While Binance continues to expand into new markets and obtain regulatory approval, it has also received a lot of criticism, warnings, and fines from regulators worldwide.
Binance’s domestic organization in Canada was founded on December 1 and has a license that expires in 2024.
In terms of trading volume, Binance is now the largest cryptocurrency exchange globally. Following the development mentioned earlier, Binance aims to expand its global reach once more.
