Bahrain has become the first jurisdiction in the Middle East and North Africa to grant Binance preliminary approval to operate as a crypto-asset service provider.
Binance, the world's most popular cryptocurrency exchange by trading volume, must still finish the entire application process to obtain a license from Bahrain's Central Bank. In a news release, the company stated that it hopes to complete the procedure in a timely manner. Through these developments, it aims to become a fully regulated centralized cryptocurrency exchange.
Binance CEO Changpeng "CZ" Zhao tweeted that, the company had also 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 funding regulator. The corporation was established on December 1st, according to FINTRAC records.
Binance's operations grabbed the attention of regulators all over the world in 2021, with many claiming it was not authorized to do business in their jurisdictions. As a result, the company has hired more people to help with compliance, and it has stated that it plans to seek government certification in several nations. On the other hand, Bahrain is working to develop its crypto business.
CoinMENA, a crypto exchange that follows Islamic law, or shariah, was approved by the country's central bank in January.