Digital Assets: Bahrain, Canada Approve Binance As Crypto Asset Service Provider

December 28, 2021 | Digital Assets, Latest News, News

Binance is the world’s largest crypto exchange.

Binance has secured regulatory nods for providing crypto services in the Canada and the Kingdom of Bahrain. The approvals, an in-principle one from Bahrain’s central bank and the other from Financial Transactions and Reports Analysis Centre of Canada, have been granted to the company’s affiliates. (Forbes)

In a statement, Binance said it received the in-principle green light from the Central Bank of Bahrain after it applied as part of its plans to become a fully-regulated and centralized cryptocurrency exchange. However, the crypto exchange still needs to complete the full application and approval process in due course of time.

Changpeng Zhao (CZ), founder and CEO, said: “Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption.”

“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class,” he added.

Binance is rapidly establishing a significant presence in the Middle East. Earlier this month, the digital exchange announced that it had signed a cooperation agreement with Dubai World Trade Centre Authority (DWTCA), helping advance Dubai’s commitment to establishing a new international virtual asset ecosystem.

Separately, Zhao announced Monday via a tweet that Binance Canada Capital Markets had been registered with Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada.

The affiliate company will offer services that involve cryptocurrencies, foreign exchange and money transfers.

Related Story: Dubai World Trade Centre To Be Key Zone And Regulator For Crypto; Binance Signs Cooperation Agreement

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