Binance is welcoming the new year with two types of approvals.
The Bahraini Central Bank has granted the crypto exchange an in-principle licence to operate as a crypto asset service provider in Bahrain. Moreover, according to the press release, this is the first in-principle clearance for a Binance business in the Middle East and North Africa region.
National regulator certification is “essential to foster trust in crypto and blockchain and facilitate further public adoption,” according to Binance CEO Changpend Zhao, often known as “CZ.”
Additionally, according to Abdulkarim Haji, director of licencing at the country’s central bank, obtaining a licence is “only a matter of procedures.” Bahrain, he said, would be a good site for Binance to set up its regional headquarters.
Binance has established Binance Canada Capital Market after obtaining a crypto finance licence in Canada. The new organisation will manage digital assets, money transfers, and foreign exchange, as well as operate as a money service provider for the exchange (MSB). CZ confirmed the licence on Twitter. He was extremely content with the idea of expanding the company’s customer service team to include clients and other cryptocurrency exchanges.
On Friday, the crypto exchange submitted an MSB licence application to FINTRAC, which acquired approval on Monday. The exchange’s current financial licence will expire on December 31, 2024.
The Middle East starts to give serious attention to digital assets
In fact, Bahrain, the Gulf’s smallest economy, has been a pioneer in the field of digital assets. Rain Financial is the first recognised crypto-asset platform in the region. After receiving permission to operate from the country’s central bank in 2019. Bahrain’s monetary regulator gave CoinMENA, based in Manama, licence renewal in January.
The decision by Binance reflects the company’s expanded focus on the Middle East. The firm was the first cryptocurrency exchange to join Dubai World Trade Centre Authority’s new crypto hub.
Binance’s regulatory journey so far in 2021 has been nothing short of extraordinary. As the cryptocurrency exchange continues to expand into new countries while getting the necessary government licences. It has been condemned by several authorities, who have issued warnings and fines.
On the other hand, Binance Turkey was recently fined $750,000 by the Financial Crimes Investigation Board. As a result of failing to meet the standards for financial monitoring reports.