Less than a week after the Dubai World Trade Centre Authority (DWTCA) signed a cooperation agreement with Binance, the world’s leading blockchain and cryptocurrency infrastructure provider announced that it has received the green light by regulators in Bahrain and Canada.
The company said that it had obtained in-principle approval from Bahrain’s central bank to establish itself as a crypto-asset service provider in the country.
Binance said it will still have to complete the full application process, which is expected to close in “due course.” If concluded successfully, Bahrain would become the first country within the Middle East and North Africa (MENA) region to grant regulatory approval to a Binance entity.
In a company blog, Binance said: “Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralised cryptocurrency exchange.
“The move from CBB makes it the first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity. The in-principle approval from CBB still requires Binance to complete the full application process, which is expected to be completed in due course.”
“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class,” said Changpeng Zhao, the billionaire founder and CEO of Binance. “The approval recognises Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
Zhao also announced on the same day that a separate entity of Binance has been registered with Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada. The entity, named Binance Canada Capital Markets, will offer services that involve cryptocurrencies, foreign exchange and money transfers.
A couple of weeks ago, Arab Times reported that Binance is reportedly in talks with Dubai about the possibility of basing its head office in the United Arab Emirates.
