Binance Holdings Ltd., the world’s largest cryptocurrency exchange by volume, has received in-principle approval from the Central Bank of Bahrain (CBB) to become a crypto-asset service provider. As per the statement from the company, the exchange had applied for a license as part of its larger plans to become a fully-regulated centralized cryptocurrency exchange.
Good new year for Binance
Therefore, it is worth noting that the news follows Binance’s recent approval in Canada to offer crypto services.
The developments come after Binance spent months locking horns with several regulatory watchdogs globally. As part of the measures to deal with the same, Binance had also hired many influential execs in the industry, in its top offices over the last year under its better compliance initiative. The exchange had come under fire in countries including the U.S., Singapore, UK, Thailand, among other regions for “non-compliance.”
However, it might still be a bumpy road for the global exchange as just recently, Turkish regulators slapped a fine of nearly $750,000 on Binance. Financial Crimes Investigation Board (MASAK) had reportedly pulled up the exchange’s local unit for non-compliance with digital currency laws related to customer information and Anti-Money Laundering (AML).
However, on Kingdom of Bahrain’s approval, Changpeng Zhao (CZ), founder and CEO of Binance, commented,
“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.”
But, the approval still requires Binance to complete the full application process, which the company expects to complete “in due course.”
In recent interviews and blog posts, CZ had been suggesting that the crypto platform aims to put an end to its regulatory woes by collaborating with regulators in the world.
And as Binance moves into the Gulf, it is noteworthy that the platform had signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) just last week.
The announcement had outlined that the goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.
As per media reports, Binance’s top executives have been in talks with legislators in the United Arab Emirates to set up headquarters in the country, aiming to gain foothold in the region.