Binance gets in-principle approval to become crypto-asset service provider in Bahrain

World’s largest crypto exchange, Binance continues to take it one leap at a time with its global expansion as a regulator-friendly exchange. This time around, following its license application, Binance has achieved in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the nation.

“The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”, said Changpeng Zhao (CZ), founder and CEO of Binance.

CBB approval makes it the first-ever regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity. However, the crypto exchange is still required to complete the full application process despite CBB approval.

Furthermore, CZ noted that global regulatory approval will guide the path to crypto and blockchain’s mass adoption. Especially, the pro-crypto CBB, which is consistently working towards building a crypto-asset framework that aims to comply with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, and consumer protection. CZ highlighted that this intersection of TradFi and DeFi will bring the best of both worlds to the consumer, at large facilitating secure crypto investments.

“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…It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”

Binance regulator-friendly growth

Since Binance has opted the centralised path, its global expansion speed has experienced exceptional development. While announcing its Bahrain achievement, Binance simultaneously also acquired a crypto financing license from the Canadian regulators.

According to CoinGape’s breaking news reportage today, Binance has registered itself as a native organisation in Canada, known as the Binance Canada Capital Market. This exclusive establishment of Binance in the Canadian nation will facilitate services related to digital assets, money transfers, and foreign exchange and act as a Money Service Business (MSB).