Binance Obtains Regulatory Approvals In Bahrain And Canada To Provide Crypto Services

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Changpeng Zhao, Founder and CEO of Binance.

Bloomberg

Binance, which operates the world’s largest cryptocurrency exchange, has received the green light from regulators in Bahrain and Canada for its subsidiaries to operate in both countries.

The company announced Monday that it has obtained approval in principle from Bahrain’s central bank to establish itself as a provider of crypto-asset services in the island nation.

Binance said it will still have to complete the full application process, which is expected to close “in due course.” If concluded, Bahrain would become the first country in the Middle East and North Africa (MENA) region to grant regulatory approval to a Binance entity.

“The Central Bank of Bahrain has shown leadership and foresight in making crypto a future asset class,” said Changpeng Zhao, the billionaire founder and CEO of Binance. “The approval recognizes Binance’s commitment to fully comply with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”

Zhao also announced on Twitter the same day that a separate entity from Binance was registered with Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Center of Canada. The entity, named Binance Canada Capital Markets, will offer services involving cryptocurrencies, foreign currencies, and money transfers.

The application and registration are part of Binance’s efforts to become a “fully regulated and centralized” crypto exchange. The company doubled its compliance after drawing the attention of financial regulators around the world to its decentralized business structure and lack of proper operating licenses.

One of the important steps Binance is taking is actively seeking a location to set up its official headquarters. The company has reportedly been in talks with regulators in Dubai to move its headquarters to the United Arab Emirates, according to Bloomberg.

Last week, Binance signed a cooperation agreement with the Dubai World Trade Center Authority to form an international ecosystem of virtual assets. The company also appointed Richard Teng, the former CEO of Binance Singapore, as the head of Binance’s Middle East and North Africa unit.

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