Binance Secures Two Crucial Regulatory Approvals From Bahrain And Canada
As the end of the year is approaching, Binance – the biggest crypto exchange across the world – has acquired an MSB certificate from the regulatory authorities of Canada to provide crypto services. On the very date, the firm additionally got in-principle authorization from Bahrain’s central bank.
Good news for Binance
As per the official filing submitted under the FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), the Canada-based branch of Binance will be functioning under the name of Binance Canada Capital Markets.
Apart from this, the respective branch will be involved in the dealings with foreign exchanges including virtual currencies, and money transfers. On 1st December this year, the exchange was included being a domestic body, and the respective license thereof will be applicable till the coming four years.
To confirm this news, the CEO of Binance – Changpeng Zhao – posted on his official Twitter account. The current year has witnessed several ups and downs in the crypto industry and the majority of the regulatory authorities across the world have been shocked to see the remarkable growth in this space.
It is a fact that the Turkey-based branch of Binance was recently fined more than $750,000 on the behalf of the MASAK (Financial Crimes Investigation Board) for violations of the implemented rules. Nonetheless, the new advancement signifies that the exchange is moving ahead to make expansion in its crypto operations on a global level notwithstanding the hindrances.
Binance gets a nod from the Central Bank of Bahrain
In addition to the attainment of an MSB certificate, the crypto exchange has also been authorized by a Gulf country. It has been announced by Binance to have received approval from the CBB (Central bank of Bahrain) to function as a provider of crypto services. The authoritative press release pointed out that the approval is provided so that the respective firm will comply with the standards specified by the regulatory authority of the country and operate as being a centralized exchange of cryptocurrency.
With this advancement, CBB turned into the earliest body across the MENA (Middle East North Africa) region that has given a green signal to Binance. As included in the approval, the respective company will go through a thorough process of application, which would take its due time. In the recent week, it was declared by the firm to collaborate with the DWTCA (Dubai World Trade Authority) for the construction of a crypto hub.
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