Binance, the largest cryptocurrency exchange platform, has had a rough year in terms of regulatory approval. However, the exchange is now closing the year with a piece of good news after the CEO, Changpeng Zhao, confirmed that it had obtained two critical licenses.
The exchange giant has received an MSB license to offer crypto-related services in Canada. It has also received an in-principle license from the central bank of Bahrain.
The Tide is Turning for Binance
The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) made a filing noting that Binance will now have a Canadian division known as Binance Canada Capital Markets.
The division will deal with a wide range of issues such as foreign exchange, money transfers, and digital currencies. The license will be valid for the next four years, and it will expire on December 31, 2024.
The regulatory green light from Canada is a piece of good news for Binance, given that the exchange has faced much regulatory scrutiny this year. The exchange’s Turkish branch was recently fined more than $750,000 by the Financial Crimes Investigation Board (MASAK). This was after the exchange was found to be non-compliant with the anti-money laundering laws.
Binance also gets the Greenlight from Bahrain’s central bank
The exchange has also received in-principle regulatory approval from Bahrain’s central bank. The Central Bank of Bahrain (CBB) has now approved Binance to operate as a cryptocurrency service provider.
The press release on this notes that the exchange received the green light from the CBB after obtaining a regulatory license to operate as a centralized exchange license that was fully regulated.
Bahrain will become the first country in the Middle East North Africa (MENA) region to give a regulatory nod to Binance. The approval will also require Binance to finalize the entire application process that the exchange notes will be complete in “due course.”
Commenting on this, Zhao stated,
“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. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”
Binance also recently partnered with the Dubai World Trade Center Authority (DWTCA) to launch a cryptocurrency hub. The Memorandum of Understanding (MoU) on this deal notes that the two organizations will allow Binance to establish a global crypto-asset framework to boost long-term economic growth.