Home Cryptocurrency The first regulator in the MENA region greenlights Binance, as the crypto exchange registers in Canada

The first regulator in the MENA region greenlights Binance, as the crypto exchange registers in Canada

by Serge Shlykov

In a bid to reduce regulatory friction in the region, Binance has registered with regulators in Canada. As such, they are able to work within the local legal framework while also staying compliant globally. This is another step towards liberalizing regional markets and increasing access for traders across different regions of the world.

Register now on Binance, add 50$ and get 100$ bonus voucher!

The “Binance banned in uk” is a cryptocurrency exchange that has been banned by the United Kingdom. The first regulator in the MENA region greenlights Binance, as the crypto exchange registers in Canada.

Binance, as the crypto exchange registers in Canada”>

Binance has announced that it has received in-principle authorisation to operate as a crypto service provider in Bahrain. 

The clearance is in principle after the world’s largest crypto exchange by daily trading volume requested for a license from Bahrain’s Central Bank (CBB).

Binance’s dedication to the area of the Middle East and North Africa

Binance has received approval from Bahrain’s Central Bank to become a fully regulated centralized cryptocurrency exchange.

a big bang

« Binance Receives In-Principle Approval in Bahrain as a Crypto-Asset Service Provider | Binance Support https://t.co/m3ts2e8Ge6

December 27, 2021 — CZ Binance (@cz Binance)

The crypto exchange must still finish the whole application procedure, according to the release, despite CBB’s in-principle permission.

Binance’s founder and CEO, Changpeng Zhao (CZ), stated:

“National authorities, like as the Central Bank of Bahrain, must recognize and approve crypto and blockchain to aid increase broad acceptance,” says the author.

Register now on Binance, add 50$ and get 100$ bonus voucher!

CBB’s bold action makes it the first authority in the Middle East and North Africa (MENA) area to award Binance entity in-principle permission.

CZ added:

“Bahrain’s Central Bank has shown foresight and leadership in tackling crypto as a future asset class. Throughout the process, I appreciate the Central Bank of Bahrain’s and the greater Bahrani ecosystem’s assistance. Binance’s resolve to fully comply with regulatory standards, as well as our larger commitment to anchor operations and activities in Bahrain, has been recognized by the clearance.” 

Binance receives a license in Canada but receives a fine in Turkey.

Meanwhile, Binance has finalized its Money Services Business (MSB) registration in Canada, according to CZ.

XmnyQIODLT XmnyQIODLT XmnyQIODLT XmnyQIODLT XmnyQIODLT X

December 27, 2021 — CZ Binance (@cz Binance)

Binance Canada Capital Markets, the crypto exchange’s domestic corporation in Canada, has been awarded a license to trade in foreign exchange, money transfers, and cryptocurrencies until the end of 2024.

Binance has been working hard to expand its worldwide reach. The crypto exchange struck a contract with the Dubai World Trade Centre Authority at the end of last week.

« THE BUSINESS TIMES https://t.co/CaBLMdHmQn Binance announces Dubai contract to work on international crypto framework, Garage

December 23, 2021 — CZ Binance (@cz Binance)

The parties committed to work together to create a new worldwide crypto environment, as well as a regulatory and legal framework. 

However, Binance recently suffered a setback in Turkey, indicating that managing regulatory compliance is still a challenge for the crypto exchange.  

Binance’s local unit was recently fined $8 million lira ($750.000) by Turkey’s Financial Crimes Investigation Board (MASAK) for violating the country’s new legislation. 

The first regulator in the MENA region greenlights Binance, as the crypto exchange registers in Canada

Newsletter

The most relevant daily news in the worlds of crypto, DeFi, NFTs, and more are summarized here.

Gain a competitive advantage in the cryptoasset market.

As a premium Edge member, you’ll get additional crypto insights and context in every story.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Watch This Video-

The “Binance-awarded-in-principle-approval-as-a-crypto-asset-service-provider-in-the-kingdom-of-bahrain-805082130.html”>central bank of bahrain cryptocurrency” is the first regulator in the MENA region to greenlight Binance, as the crypto exchange registers in Canada.

Related Tags

  • bahrain cryptocurrency regulation
  • Binance uk
  • Binance news
  • rain bh
  • lowest crypto trading fees

Register now on Binance, add 50$ and get 100$ bonus voucher!

Related Posts