In a positive turn of events, the world’s largest crypto exchange by trading volume Binance gained entry in Bahrain, achieving its first regulatory nod in the Gulf nation. According to the press release, the in-principle approval came after the trading entity had applied for a license from the Central Bank of Bahrain or CBB as part of its efforts to become a fully-regulated centralized cryptocurrency exchange.
Apart from that, the latest move from CBB makes it the first regulator in the Middle East North Africa [MENA] region to grant permission to a Binance entity. However, as per the blog, the trading platform is still required to complete the full application process, which is expected to be completed in due course. Bahrain, at the same time, is seeking to strengthen its crypto industry. In January, the country’s central bank gave the green signal to CoinMENA, a crypto exchange that complies with Islamic law, or shariah.
Speaking on the development, 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. 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.”
Earlier in December this year, the crypto exchange announced the signing of a cooperation agreement with the Dubai World Trade Centre to support the city’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation. Meanwhile, the crypto exchange has more reasons to cheer.
Binance scores another regulatory approval
The trading platform received a further shot in the arm when it got registered Binance Canada Capital Markets with the Financial Transactions and Reports Analysis Centre of Canada [FINTRAC], the country’s anti-money laundering and anti-terrorism financing regulator. According to the FINTRAC record, the firm was incorporated on December 1. The twin developments assumed significance after Binance’s Turkey branch was fined roughly $750k for failing to comply with the state’s anti-money laundering law on 26th December 2021.