The first regulator in the MENA region gives the green light to Binance, as the crypto exchange is registered in Canada

Binance recently announced receives approval in principle to establish itself as a crypto service provider in the Kingdom of Bahrain.

The approval in principle comes after the world’s leading cryptocurrency exchange in terms of daily trading volume applied for a license from the Central Bank of Bahrain (CBB).

Binance’s commitment to the Middle East and North Africa region

The Central Bank of Bahrain has given the green light to Binance to become a fully regulated centralized cryptocurrency exchange.

However, according to the announcement, the approval in principle from the CBB still requires that the crypto exchange complete the entire application process.

Changpeng Zhao (CZ), founder and CEO of Binance, said:

“Recognition and approval by national regulators, such as the Central Bank of Bahrain, is key to building trust in crypto and blockchain and further improving mass adoption.”

The CBB’s progressive move makes it the first regulator in the Middle East North Africa (MENA) region to give Binance approval to the entity in principle.

CZ added:

“The Central Bank of Bahrain has shown leadership and prudence in dealing with cryptocurrencies as a future asset class. I am grateful for the support of the Central Bank of Bahrain and the wider Bahraini ecosystem during the process. The approval recognizes Binance’s commitment to full compliance with regulatory requirements and our broader commitment to directing operations and activities in Bahrain. ”

Binance is licensed in Canada and fined in Turkey

Meanwhile, CZ announced that Binance has successfully completed its Money Services Business (MSB) registration in Canada.

The domestic entity of the crypto exchange in Canada – Binance Canada Capital Markets – has received a license for foreign exchange trading, money transfer and cryptocurrency trading until the end of 2024.

Binance has worked hard to improve its global footprint. Late last week, the crypto exchange announced the signing of a contract with the Dubai World Trade Center Authority.

The parties agreed to co-operate in the development of a new international ecosystem and a regulatory and legislative framework for cryptocurrencies.

However, the crypto stock market has encountered a recent stalemate in Turkey, suggesting that moving through regulatory compliance is still not entirely smooth for Binance.

The Turkish Financial Crimes Investigation Committee (MASAK) recently slapped Binance’s local unit with eight million lire ($ 750,000) fined for violating the country’s new regulations.

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