Binance Holdings Ltd., the world’s largest exchange by volume, has received approval from the Central Bank of Bahrain (CBB) to become a cryptocurrency service provider. According to a release from the company, the exchange is applying for a license with the aim of becoming a fully regulated central exchange.
Happy New Year to Binance
It’s worth noting that this news comes after was recently granted permission by Canada to offer crypto services.
Prior to this positive news, Binance saw months of clashes with a number of regulators around the world. Among the measures taken to address this issue, Binance hired many influential industry executives last year to work in their flagship offices as part of a better compliance initiative. Exchanges have been restricted for “non-compliance” in countries such as the United States, Singapore, United Kingdom, Thailand and others.
The world exchange may still have a bumpy road ahead, however, as the Turkish regulator Binance recently fined nearly $ 750,000, according to Bitcoin Magazine. The Turkish Financial Crime Investigative Commission (MASAK) reportedly closed its local office for non-compliance with customer information and anti-money laundering (AML) regulations.
However, with the consent of the Kingdom of Bahrain, Changpeng Zhao (CZ), founder and CEO of Binance, commented:
“Recognition and approval of national regulators like the Central Bank of Bahrain is essential to build trust in cryptocurrencies and blockchain, which further enhances the adoption of series.”
However, the approval process still requires Binance to complete the entire registration process, which the company wants to adhere to “on time”.
In recent interviews and blog posts, CZ suggests that the foundation aims to end regulatory issues by partnering with regulators around the world.
And as Binance forges into the Gulf, it’s noteworthy that the platform signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center Authority (DWTCA) last week.
Notify shown The aim is to support exchanges, blockchain and distributed ledger technology (DLT) companies, as well as a wide range of licensed digital currencies and assets in Dubai.
According to media reports, top Binance executives are negotiating with a lawmaker in the United Arab Emirates to set up a headquarters in the country in order to gain a foothold in the region.