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Binance receives regulatory approval from Canada and Bahrain

                                                            Gegen Ende des Jahres hat sich die weltweit größte Cryptowährungsbörse Binance eine MSB-Lizenz gesichert, um Cryptowährungsdienste von den kanadischen Regulierungsbehörden anzubieten.  Am selben Tag erhielt das Unternehmen auch die grundsätzliche Zustimmung der Zentralbank von Bahrain.

Happy news for Binance

According to the official filing with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the Canadian arm of Binance will trade as Binance Canada Capital Markets. It will also operate forex trading, money transfers, and virtual currencies.

The exchange was established as a domestic entity on December 1, 2021, and the license is valid for the next four years, i.e. until December 31, 2024.

To confirm the message, CZ tweeted:

Boxing day. 🇨🇦 https://t.co/XmnyQIODLT

– CZ 🔶 Binance (@cz_binance) December 27, 2021

2021 was nothing less than a roller coaster ride for Binance, shunned by some of the most powerful regulators in the world. In fact, his Turkish unit was recently fined over $ 750,000 by the Financial Crimes Investigation Board (MASAK) for violations found during liability inspections.

However, the latest development has shown that despite these hurdles, Binance is moving forward to expand its global presence. In addition to obtaining an MSB license, the cryptocurrency exchange also received a heads-up from a golf country.

Binance receives Nod from the Central Bank of Bahrain

Binance also announced that the Central Bank of Bahrain (CBB) has basically received approval to operate as a cryptocurrency service provider. The official press release states that the green light will come after applying for a license with the regulator to establish itself as a fully regulated central cryptocurrency exchange.

With the latest development, CBB was the first company in the Middle East North Africa (MENA) region to give the green light for Binance. As part of the approval process, the exchange still has to go through the entire application process that it expects “in due time”. In terms of development, CZ noted

“The CBB has been a progressive pioneer in developing a robust framework for crypto assets that focuses on compliance with global anti-money laundering, terrorist financing, transaction monitoring and consumer protection standards, among other things. It sets a benchmark that connects traditional financial systems and the crypto industry to facilitate secure adoption and deployment. “

Last week, Binance announced a collaboration with the Dubai World Trade Center Authority (DWTCA) to develop a cryptocurrency hub. The main objective behind the Memorandum of Understanding (MoU) with DWTCA is to step up efforts by the global crypto exchange to build a digital asset ecosystem to generate long-term economic growth.

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Source: Crypto News Deutsch

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