By
Chimamanda U. Martha
April 25th, 2024
Binance has continued to enter new markets and get the necessary regulatory clearance in 2021.
Binance has obtained in-principle approval from the Central Bank of Bahrain to become a crypto asset provider in the country. This was contained in a press release by the company on Monday, 27th December 2021. A desire to become a fully-regulated centralized cryptocurrency exchange made Binance seek approval from the apex bank. Despite the approval, Binance would still need to complete its full application process.
Approval by regulatory bodies has been a way people adjudge a project and develop trust in it. Thus, the founder and CEO of Binance, Changpeng Zhao, expressed delight in the approval. He noted:
“The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others.”
By approving, Zhao believes that the leadership of Bahrain has shown itself to be forward-thinking. Likewise, the approval makes CBB the first in the Middle East North Africa (MENA) region to grant in-principle approval to Binance. This stands in stark contrast to Binance’s woes in Singapore and Turkey.
Bahrain, for its part, continues to strengthen its crypto ecosystem. The country has developed a robust crypto-asset framework with a focus on global standards. This helps bridge the gap between the traditional financial systems and the crypto industry encouraging adoption and deployment. Also this 2021, the CBB approved CoinMENA, a crypto exchange that complies with Islamic law.
Binance in Bahrain: Expansion Drive
Indeed, Binance has continued to enter new markets and get the necessary regulatory clearance in 2021. In many places, the company has been accused of operating without a license leading to the closure of some facilities. As a result, Binance had to employ more staff employed. The company also recently signed an agreement with the Dubai World Trade Center.
In similar news, Binance has obtained a crypto financing license for its Canadian subsidiary. According to the file revealed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the crypto exchange applied for an MSB license on 24th December. It then received approval on 27th December. Named Binance Canada Capital Market, the local crypto exchange will deal in digital assets, money transfers, and foreign exchange and act as a Money Service Business (MSB).