Binance gets regulatory approval in Bahrain and Canada

Binance, the world’s largest crypto exchange in terms of value traded, has received licenses from the regulator of Canada and the Central Bank of Bahrain, as it was reported by the company’s CEO Changpeng Zhao.

Binance has received an in-principle license of the Central Bank of Bahrain (CBB) to operate in the country as a digital asset service provider. Now the exchange needs to complete the registration process in order to take out a license. According to Binance representatives, the company will provide all the necessary documents up to time.

CBB is the first regulatory authority in the Middle East and North Africa region, which granted in-principle license to the Binance cryptocurrency exchange. The Bahraini authorities plan to turn the country into one of the largest centers for modern financial technologies development in the Middle East.

Abdulla Haji, director for licensing at the CBB, said that after the exchange meets all the necessary conditions, obtaining a licence will be only a matter of time. In his view, Bahrain is a perfect location to establish Binance headquarters.

In 2021, regulators across the globe keep a wary eye on Binance activities. Some countries have restricted the exchange operation, while the authorities of others have warned that the exchange does not have the necessary permits to provide services. Hence, Zhao intends to open several headquarters and start cooperating with regulatory authorities.

Zhao has previously stated that he would like to open headquarters in France or Ireland. The CEO of Binance is also considering opening a representative office of the exchange in the UAE. Last week, the company signed a memorandum of understanding with the Dubai World Trade Center Authority (DWTCA)

Recently, the exchange had to leave Singapore due to the reluctance of the Monetary Authority of Singapore to license large cryptocurrency exchanges. Binance plans to branch out in Indonesia.

Besides, Binance has won approval to conduct business in Canada. Binance Canada Capital Market, a new division of the exchange, will provide services related to cryptocurrencies, foreign currencies and money transfers.

On December 24, the company registered a Money Service Business (MSB) license with the Financial Transactions and Reports Analysis Centre of Canada, and it has already received approval on December 27. The license will be valid until December 31, 2024.

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