The year 2021 is finally going to end on a great note for Binance, the world’s largest cryptocurrency exchange, as it has secured double licenses from the Central Bank of Bahrain (CCB) and Canada.
According to the press release detailing the announcement, the trading platform was granted the in-principle approval from the CBB to establish itself as a crypto-asset service provider in the Kingdom of Bahrain.
On the Canadian front, Binance can now operate in the country as a Money Service Business (MSB) as Binance Canada Capital Markets Inc. Under this categorization, the exchange can now engage in money transferring, foreign exchange dealings, and dealing in virtual currencies in particular.
The trading platform’s efforts in securing these licenses are aimed at redirecting its path as a regulated exchange, and creating a great headstart as the new year comes into view.
“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 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,” said Changpeng Zhao (CZ), founder and CEO of Binance.
Different regulators have issued warnings against Binance for operating illegally almost throughout 2021. The trading platform went head to head with authorities from Singapore, Hong Kong, Canada, South Korea, and Malaysia amongst others. Realizing the threat to its business, Binance is now committed to correcting its wrongs and it hopes to start afresh by registering with regulators in areas in which it is operational.
The exchange also has plans to establish regional headquarters in areas it operates from in order to allay the concerns that it does not have a central operating base. The dual licenses from Bahrain and Canada is a good step for the exchange as it looks forward to better regulatory relationships in 2022.
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