The financial regulator in Bahrain has given Binance, the largest cryptocurrency exchange in the world, its green light. That gives the exchange access to what could ultimately be a very lucrative market. In addition, Binance has secured entry into Canada’s cryptocurrency future with approval in the country, as well.
Binance received in-principle approval by the Central Bank of Bahrain to establish itself in the Kingdom of Bahrain as a crypto-asset provider. The official announcement states that Binance had applied for a license at the CBB to establish itself as a centrally-regulated cryptocurrency exchange.
CBB is now the first regional regulator to approve Binance entities in the Middle East North Africa region. CBB’s in-principle approval still requires Binance, who must complete the entire application process. This is expected to be completed soon.
Changpeng Zhao, the founder of Binance, stated that the Central Bank of Bahrain demonstrated leadership and forethought when addressing crypto as a future asset class. He added that the approval acknowledges Binance’s commitment to fully comply with regulatory requirements as well as our larger commitment to anchor operations in Bahrain.
Binance Canada Capital Markets Inc. has also been registered with the Financial Transactions and Reports Analysis Centre of Canada, the country’s anti-money laundering (AML) and terrorist financing regulator. The exchange’s new subsidiary will be able to handle digital assets and money transfers as well as function as a money services business (MSB).
Binance and the Dubai World Trade Centre Authority signed a cooperation deal last week to establish a new international Virtual Asset Ecosystem that will generate long-term economic development through digital innovation.
