If authorised, Bahrain would be Binance’s first regulatory licence in the Middle East and North Africa area.
Binance is ringing in the new year with approvals from two polar opposite corners of the globe. The Central Bank of Bahrain has awarded the crypto exchange in-principle permission to operate as a supplier of crypto-asset services in the Kingdom of Bahrain. According to the release, this is the first time a Binance business has received in-principle clearance in the Middle East and North Africa area.
Binance CEO Changpend Zhao, or “CZ,” said in a statement that clearance from national authorities is “critical to establishing confidence in crypto and blockchain technology and advancing mainstream adoption.”
According to Abdulkarim Haji, director of licencing at the country’s central bank, licencing is a “matter of technicalities.” He cited Bahrain as the appropriate site for Binance’s regional headquarters.
Binance has also received a cryptocurrency finance licence in Canada, under the name Binance Canada Capital Market. The exchange’s new company will manage digital assets, money transfers, and foreign exchange, as well as serve as a money service firm (MSB).
On Twitter, CZ verified the licence. He expressed excitement about expanding the company’s customer care staff to include consumers and other cryptocurrency exchanges.
The crypto exchange sought for an MSB licence with FINTRAC on Friday and was accepted on Monday. The existing financial licence for the exchange will expire on December 31, 2024.
Bahrain, the smallest economy in the gulf, has been a market leader in the digital asset industry. Rain Financial became the region’s first licenced crypto-asset platform in 2019, after getting authorization to operate from the country’s central bank. Bahrain’s monetary authority renewed CoinMENA’s licence in January.
Binance’s decision underscores the company’s growing commitment to the Middle East area. According to Cointelegraph, the business just became the first cryptocurrency exchange to join Dubai World Trade Centre Authority’s new crypto centre.
Binance’s regulatory voyage in 2021 has been nothing short of spectacular, as the cryptocurrency exchange continues to grow into new countries and gain necessary regulatory approvals. Simultaneously, it has received severe criticism, warnings, and penalties from a number of agencies.
Most recently, the Financial Crimes Investigation Board penalised Binance Turkey $750,000 for failing to comply with financial surveillance report criteria.
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