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December 27, 2021

Binance Gets Regulatory Nod From Bahrain and Canada

Binance, the world’s largest cryptocurrency exchange, has received an MSB license from Canadian regulatory authorities to offer cryptocurrency services as the year draws to a close. The firm also gained in-principle clearance from Bahrain’s central bank on the same day.

Binance’s Canadian subsidiary will be known as Binance Canada Capital Markets, according to an official filing with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In addition, it will deal in foreign exchange, money transfers, and virtual currencies.

On December 1st, 2021, the exchange was formed as a domestic organization, and the license is valid for the following four years, or until December 31st, 2024. CZ confirmed the news on Twitter:

Binance’s journey in 2021 has been nothing short of a rollercoaster, with the company being ostracized by some of the world’s most prominent regulatory bodies. In fact, the Financial Crimes Investigation Board (MASAK) recently punished its Turkey unit over $750,000 for infractions discovered during liability inspections.

However, the most recent development proved that, despite these obstacles, Binance is making progress in its quest to extend its worldwide presence. The bitcoin exchange received a heads up from a Gulf country in addition to receiving an MSB license.

The Central Bank of Bahrain (CBB) has given Binance preliminary license to operate as a cryptocurrency service provider. According to the official press release, the approval comes after the company applied for a license from the regulatory body to operate as a fully-regulated centralized cryptocurrency exchange.

With the most recent development, CBB has become the first agency in the Middle East and North Africa (MENA) to approve Binance. The exchange will still have to finish the whole application procedure as part of the permission, which it anticipates to be done in due course. CZ commented on the development, saying,

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“The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”

Binance stated last week that it will collaborate with the Dubai World Trade Center Authority (DWTCA) to create a cryptocurrency center. The major goal of the MoU with the DWTCA is to increase the global crypto exchange’s efforts to develop a digital asset ecosystem that will bring long-term economic growth.