Binance has decided to celebrate the new year with major approvals from two different sides of the world- Canada and Bahrain. The crypto exchange has been granted a license by the Central Bank of Bahrain to work as a service provider for crypto assets in the Kingdom of Bahrain. According to this announcement, the approval is a first for an entity of crypto exchange in the Middle East as well as the North African region.
In a statement, CZ, the CEO of the crypto exchange, stated that the approval from the regulators at the national front was quite necessary to build a solid trust in blockchain and crypto while helping further improve mass adoption.
Binance Gets Major Licensing In Bahrain and Canada
As stated by Abdulkarim Haji, the director for licensing at the Central Bank of the country, licensing is simply a matter of formalities. He did go on to highlight Bahrain as the ideal place for Binance to establish their headquarters in this side of the hemisphere.
In yet another surprise move, the crypto exchange has also managed to get some major crypto financing licenses in Canada, which has been incorporated under the Capital Market. The new subsidiary of this exchange will be efficiently used in dealing with money transfers, digital assets, foreign exchange, as well as functioning as a money service business.
CZ, the CEO of Binance, further confirmed the licensing of the crypto exchange on Twitter. He stated that the company was pretty excited to expand their customer support team which would include customers and other crypto exchanges like Kraken. On Friday, this crypto exchange did apply FINTRAC for an MSB license which was approved on Monday. The current financial license for the exchange will expire on the 31st of December, 2024.
Binance’s decision to set up headquarters in Bahrain does reflect the increased focus of cryptocurrencies to capture the Middle East market.