Binance, the world’s largest cryptocurrency exchange, has been green lighted by regulator in Bahrain.
“Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralised cryptocurrency exchange,” says official announcement. “The move from CBB makes it the first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity. The in-principle approval from CBB still requires Binance to complete the full application process, which is expected to be completed in due course.”
“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class,” said Changpeng Zhao, the founder of Binance. “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
The company also registered Binance Canada Capital Markets Inc. with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country’s anti-money laundering (AML) and anti-terrorism financing regulator. The new subsidiary of the exchange will handle digital assets, money transfers, foreign exchange and function as a money service business (MSB).
Last week, Binance signed a cooperation agreement with the Dubai World Trade Centre Authority “to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.”