While the world’s largest crypto exchange Binance has long been under regulatory scrutiny from several countries worldwide, its efforts on improving compliance are likely bearing fruit.
On December 27, Binance received regulatory approval from not one but two countries, Canada and Bahrain. The northern-American country has granted an MSB license to offer crypto services in Canada, whereas the Persian Gulf country has rewarded the exchange with an in-principle approval.
Boxing day. 🇨🇦 https://t.co/XmnyQIODLT
— CZ 🔶 Binance (@cz_binance) December 27, 2021
The in-principle approval from the Central Bank of Bahrain (CBB) has made it the first country in the Middle East North Africa (MENA) region to license Binance. Binance founder and CEO Changpeng Zhao said in the announcement:
“The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”
However, the press release noted that Binance is still required to complete the entire application process, which it expects to complete in “due course”.
As it seeks to expand its footprint in the middle-eastern region, Binance recently joined forces with the Dubai World Trade Center (DWTC) to establish a crypto hub and a regulatory framework for crypto assets.
However, the exchange may still have a long way to go after Binance Turkey was slapped with a $750,000 fine from the country’s Financial Crimes Investigation Board (MASAK). The regulator reported that the exchange has not complied with the local digital currency laws.