Binance gets green light from Canada and Bahrain

The popular crypto exchange has been licensed by the Central Bank of Bahrain to operate as a crypto service provider in the Kingdom of Bahrain. According to the announcement, the approval is a first for Binance in the Middle East and North Africa.

Global Expansion

Binance CEO Changpeng Zhao (CZ) has said the approval of national regulators is essential to build trust in crypto and blockchain. In addition, the approval is needed to achieve mass adoption for crypto. Abdulkarim Haji, the licensing director at the country’s central bank, said:

“When it comes to licensing, it’s a matter of formalities.”

He further emphasized that Bahrain is the ideal location for Binance to establish its headquarters. In addition to Bahrain, Binance has also obtained a crypto financing license in Canada, listed as Binance Canada Capital Market. The exchange’s new subsidiary will act as a money service company.

Changpeng Zhao confirmed the license on Twitter. He said the company is looking forward to expanding its customer support team.

On Friday, the crypto exchange FINTRAC applied for an MSB license, which was also approved on Monday. The exchange’s current financial license will expire on December 31, 2024.

Focus on the Middle East

Bahrain is a frontrunner in the digital asset sector. Rain Financial became the first licensed crypto platform in the region after receiving approval from the country’s central bank to operate there in 2019. In January, the Bahrain Monetary Authority renewed a license for Manama-based CoinMENA.

Binance’s decision reflects the company’s increased focus on the Middle East. The company recently became the first crypto exchange to join the new crypto hub established by the Dubai World Trade Center Authority.

The crypto currency exchange continues to expand to new countries. But despite regulatory approval, there was also serious criticism, warnings and fines from various authorities.

Recently, Binance Turkey was fined $750,000 by the Financial Crimes Investigation Board for failing to meet financial regulatory requirements.

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