The road to Binance's compliance has ushered in the dawn! Obtained a Canadian operating license and received the green light in Bahrain

Time:2021-12-28 Source: 902 views Trending Copy share

2021 is drawing to a close, and Binance, the world’s largest cryptocurrency exchange, finally has good news! On December 27, Binance’s official website announced that it had obtained the approval in principle from the Central Bank of Bahrain to become the country. On the same day, the company’s CEO Changpeng Zhao (CZ) also tweeted that Binance has obtained an operating license in Canada and can provide cryptocurrency services locally.

According to the official documents of the Canadian Financial Transaction and Reporting Analysis Center (FINTRAC), Binance Canada Capital Markets, a branch of Binance in Canada, was registered as a financial service provider (MSB) on December 24, and was approved to engage in foreign exchange transactions, remittances and cryptocurrencies. For transactions, the license is valid until December 31, 2024.

For Binance, 2021 is like a roller coaster ride, constantly being suppressed by regulators around the world. In fact, Binance's subsidiary in Turkey, BN Teknologi, was recently fined 80,000 lire (approximately US$750,000) by the authorities because of violations found in an earlier anti-money laundering liability review.

Although stumbled this year, it is undeniable that Binance hopes to expand the company's global compliance footprint has not stopped.

In addition to obtaining a Canadian financial service provider business license, this cryptocurrency exchange has recently received approval in principle from the Central Bank of Bahrain (CBB) to operate locally as a cryptocurrency service provider in the future. The official press release stated that Binance will then apply for a license from the Bahraini regulatory agency and complete the local compliance process in due course.

It is reported that the Central Bank of Bahrain is the first regulator in the Middle East and North Africa (MENA) region to give Binance the green light. In this regard, Changpeng Zhao said: The Central Bank of Bahrain has always been a pioneer in the development of a regulatory framework for encrypted assets, focusing on compliance with global standards such as anti-money laundering, anti-terrorist financing, transaction monitoring, and consumer protection. It establishes a benchmark for the traditional financial system and the cryptocurrency industry, ensuring that the entire adoption and deployment process is sufficiently secure.

Just last week, Binance announced the signing of a cooperation agreement with the Dubai World Trade Center Authority (DWTCA) to jointly promote the establishment of a new international crypto asset ecosystem in Dubai and lead long-term economic growth. Some sources pointed out that Binance is planning to Set up headquarters in the local area.

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