The world’s largest crypto exchange is going very aggressively around the world to comply with the regulations of various countries. This time, Binance has gained approval in Bahrain to operate as a crypto-asset service provider.
Bahrain becomes the first Middle East-North Africa country to give Binance approval for operations. First, however, Binance has to complete the full application process to acquire a license from the Central Bank of Bahrain.
In its latest press release, Binance has stated that they’ll finish that process in due course.
Binance has registered itself as Binance Canada Capital Markets with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). The latter is the country’s anti-money laundering & anti-terrorism financing regulator.
CEO of Binance, Changpeng Zhao ‘CZ’, tweeted about the company’s incorporation.
It’s a significant achievement for the world’s largest crypto exchange, hoping to become fully regulated and centralized.
During this year, Binance, with its operations, drew the attention of regulators’ attention worldwide. While many stated that Binance is not authorized to conduct business, the company recruited staff to provide a solution to this problem. The crypto exchange approved its first chief regulatory liaison officer at that time, showing its intent to comply with the regulatory systems worldwide.
All of this is meant to ease compliance woes and gain official approval to operate in some countries.
On the other hand, Bahrain is looking to improve its position in the global crypto market scene. Besides Binance, the country’s central bank approved CoinMENA for operations. CoinMENA is a Sharia-compliant crypto-assets trading platform.