Binance Secures License in Canada and Bahrain
Evening
World's biggest centralized crypto exchange, Binance is ending the year on high note as it secures an in-principle license to operate as a crypto asset provider in Kingdom of Bahrain. The license issued by Central Bank of Bahrain, makes it a first crypto regulator in Middle East and North Africa region.
Binance CEO CZ tweeted:
The approval by Central Bank of Bahrain will still require Binance to complete the full application process and all formalities, which as per Binance will be done in due time.
Kingdom of Bahrain is the small economy in the gulf region but it is a front runner when it comes to the crypto adoption.
After the Bahrain's approval, another big news came as the Binance also obtained crypto financing license in Canada, incorporated as Binance Canada Capital Market. The approval will allow Binance to perform digital assets dealings, foreign exchange and act as as a money service business (MSB). Binance applied for the FINTRAC for an MSB license on Friday, with approval coming today.
The recent license approvals came, as a part of Binance's broader strategy to increase its foot print in new regions and adopt the adequate regulatory measures. It seems Middle East is Binance's new focus point, as it became the first crypto exchange to join the recently established Dubai Crypto hub.
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