Binance receives regulatory approval from Canada and Bahrain

Binance receives regulatory approval from Canada and Bahrain

Binance is celebrating the new year with approval from two different sides of the world.

According to the official registration with the Canadian Financial Transactions and Reports Analysis Center (FINTRAC), the Canadian arm of Binance will trade as Binance Canada Capital Markets. It will also offer forex trading, money transfer and virtual currencies. CZ confirmed the news by tweeting:

Binance has also obtained an in-principle license from the Central Bank of Bahrain to operate as a provider of crypto asset services in the Kingdom of Bahrain. According to the announcement, this is the first in-principle approval for a Binance entity in the Middle East and North Africa region. Binance CEO Changpeng Zhao said in a press release:

“Recognition and approval by national regulators such as the Central Bank of Bahrain is critical to building trust and improving mass adoption in cryptocurrency and blockchain. The approval is the commitment of Binance to fully comply with regulatory requirements and operations in Bahrain and recognizes our broad commitment to the conduct of the activities.”

The in-principle approval is part of Binance’s plan to become a fully regulated centralized cryptocurrency exchange by licensing it to major markets around the world. Bahrain’s central bank director Abdullah Haji told Bloomberg that finalizing the license would be a “matter of paperwork” once Binance is established in the country.

Last week, Binance announced that it is partnering with the Dubai World Trade Center Authority to develop a cryptocurrency hub.[DWTCA]partnering with. The main objective behind the Memorandum of Understanding (MoU) with DWTCA is to enhance the efforts of the global crypto exchange to create a digital asset ecosystem to generate long-term economic growth.

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Binance’s regulatory situation in 2021 was nothing short of exciting as the crypto exchange continues to expand into new countries and receive regulatory approvals to match. Meanwhile, Binance faced severe criticism, warnings and fines from several authorities.

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