Changing the tide? Binance Receives Canada and Bahrain Approval to Operate2 min read
“The tide is turning.” That’s what Changpeng Zhao (CZ), founder and CEO of Binance said, after gaining two major regulatory approvals.
Shortly after being fined by Turkey’s regulator, the exchange secured a license from Canadian regulatory authorities to offer cryptocurrency services in the country.
On the same day, the company also received “approval in principle” from the Central Bank of Bahrain (CBB).
Tide is turning.
— CZ 🔶 Binance (@cz_binance) December 27, 2021
According to a statement published by Binance on its blog this Monday (27), the approval of the CBB comes after Binance requested a license from the monetary authority.
According to Binance, the order is part of its strategy to become a fully regulated cryptocurrency platform.
“With the move, the CBB becomes the first regulator in the Middle East and North Africa (MENA) region to grant an approval in principle to a Binance entity. CBB’s in-principle approval still requires Binance to complete the entire application process. This should be completed in due course.”
Liberation in Canada
CZ also shared on Twitter the official filing of the Financial Transaction Analysis and Reporting Center of Canada (FINTRAC).
According to document, Binance’s Canadian arm will operate as Binance Canada Capital Markets.
In addition, the platform will offer foreign exchange trading, money transfer and digital currency trading services.
In Canada, the exchange was incorporated as a national entity on December 1, 2021. The license is valid for the next four years, that is, until December 31, 2024.
Binance vs. regulators
Throughout 2021, the largest exchange of cryptocurrencies suffered several repressions from regulatory authorities around the world.
Countries such as Japan, United Kingdom, Italy, Singapore, Cayman Islands, Malta, Poland and the Netherlands have banned the company from operating in their jurisdictions.
To meet international requirements, and with a view to expanding globally, Binance announced a series of changes in 2021.
Among other things, started to demand all users complete the Know Your Customer (KYC) verification.
Furthermore, the Binance reduced leverage levels on the platform and suspended offers of derivatives on the Europe is on Hong Kong.
The company too ended support for stock token trading. At the same time, it has been hiring top executives for international compliance teams and an advisory board.