January 23, 2022

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Binance regulation receives green light from Canada and Bahrain

Binance celebrates the New Year with the consent of the opposing parties of the world.

The cryptocurrency exchange holds a preliminary license from the Central Bank of Bahrain. According to the announcement, this is the first time in the Middle East and North Africa that preliminary approval for an accounting-affiliated company has been granted.

In a statement, Binance CEO CZ approved by National Regulators “It is necessary to develop confidence in crypto and blockchain and to further enhance mass adoption.

According to Abdul Kareem Haji, Licensing Director of the Central Bank of the country, the approval is only “Necessary rituals are pending.He also said that Bahrain is the best place for finance headquarters in the region.

In a surprising move, Finance also got one License Crypto Financial Institution in Canada to Accounting Canada Capital Markets Company. The new subsidiary of the transaction will operate as a digital assets, money transfer, currency exchange and money service business (MSB).

CZ confirmed the regulatory approval on Twitter, commenting that he was pleased to expand Binance’s customer support team to include customers and other cryptocurrency transactions.

On December 24, the Exchange submitted an MSB license application to FINTRAC, which approved it on December 27. The site’s current financial license expires on December 31, 2024.

Bahrain, the smallest economy in the Persian Gulf, is a pioneer in the field of digital assets. Rain has become financial The first approved crypto property site In the region after obtaining a license to operate from the country’s central bank in 2019. In January, the Bahraini Monetary Authority renewed the license for the cryptocurrency exchange CoinMENA.

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Binance’s decision reflects the company’s greater focus on the Middle East region. According to a Cointelegraph report, this is the first cryptocurrency exchange to join the new cryptocurrency center set up by the Dubai World Trade Center.

Related: BNB Introduces Auto Burn Finance to replace quarterly burns

The regulatory odyssey of Accounting in 2021 was thrilling as the cryptocurrency exchange continued to expand into new countries and received adequate regulatory approvals. At the same time, it has received harsh criticism, warnings and sanctions from various authorities.

Recently, Binance Turkey received a $ 750,000 fine from the Financial Crimes Investigation Board (MASAK) for failing to comply with the requirements of the Financial Monitoring Report.