The first regulator in the MENA region greenlights Binance, as the crypto exchange registers in Canada 🚨 This article is 3 years old...
The first regulator in the MENA region greenlights Binance, as the crypto exchange registers in Canada
Binance announces registration in Canada, as well as being greenlighted in the Kingdom of Bahrain, while Turkish authorities issue a hefty fine for the crypto exchange’s local unit over failing to comply with the country’s new regulations.
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Updated: Dec. 27, 2021 at 2:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance recently announced receiving in-principle approval to establish itself as a crypto service provider in the Kingdom of Bahrain.
The in-principle approval comes after the world’s leading crypto exchange by daily trading volume applied for a license from the Central Bank of Bahrain (CBB).
Binance’s commitment to the Middle East and North Africa region
The Central Bank of Bahrain greenlighted Binance to become a fully-regulated centralized cryptocurrency exchange.
Boom 🇧🇭🇧🇭🇧🇭
» Binance Awarded In-Principle Approval as a Crypto-Asset Service Provider in the Kingdom of Bahrain | Binance Support https://t.co/m3ts2e8Ge6
— CZ 🔶 Binance (@cz_binance) December 27, 2021
However, according to the announcement, the in-principle approval from CBB still requires the crypto exchange to complete the full application process.
Changpeng Zhao (CZ), founder and CEO of Binance said:
“Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption,”
CBB’s progressive move makes it the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity.
CZ added:
“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. I am grateful for the support from the Central Bank of Bahrain and the broader Bahrani ecosystem during the process. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain,”
Binance obtains license in Canada, gets fined in Turkey
Meanwhile, CZ announced Binance has successfully completed Money Services Business (MSB) registration in Canada.
Boxing day. 🇨🇦 https://t.co/XmnyQIODLT
— CZ 🔶 Binance (@cz_binance) December 27, 2021
The crypto exchange’s domestic entity in Canada–Binance Canada Capital Markets–has been granted a license for foreign exchange dealing, money transferring and dealing in cryptocurrencies till the end of 2024.
Binance has been grinding hard on furthering its global footprint. At the end of last week, the crypto exchange announced signing a deal with the Dubai World Trade Centre Authority.
» Binance signs Dubai deal to work on international crypto framework, Garage – THE BUSINESS TIMES https://t.co/CaBLMdHmQn
— CZ 🔶 Binance (@cz_binance) December 23, 2021
The parties agreed to collaborate on developing a new international ecosystem and regulatory and legislative framework for crypto.
However, the crypto exchange encountered a recent setback in Turkey, suggesting that navigating through regulatory compliance is still not quite yet smooth sailing for Binance.
Turkey’s Financial Crimes Investigation Board (MASAK) has recently slapped Binance’s local unit with an eight million lira ($750.000) fine over violations of the country’s new regulations.
