Bahrain has become the first Middle Eastern-North African country to give Binance approval in principle to establish itself as a crypto-asset service provider.
- Binance, the world’s leading cryptocurrency exchange by trading volume, still has to complete the full application process to acquire a license from the Central Bank of Bahrain. The company said in a press release it expects to complete the process in due course.
- It also registered Binance Canada Capital Markets with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country’s anti-money laundering (AML) and anti-terrorism financing regulator, Binance CEO Changpeng “CZ” Zhao tweeted. According to the FINTRAC record, the company was incorporated Dec. 1.
- The developments are part of Binance’s plan to become a fully regulated centralized cryptocurrency exchange.
- During 2021, Binance drew the attention of regulators around the world for its operations, with many saying it’s not authorized to conduct business in their jurisdictions. That prompted the company to recruit staff to bolster its compliance activities and said it plans to seek official approval in some countries.
- Bahrain, for its part, is seeking to strengthen its crypto industry. In January, the country’s central bank gave the go-ahead to CoinMENA, a crypto exchange that complies with Islamic law, or shariah.
UPDATE (Dec. 26, 10:45 UTC): Adds Canada registration in headline, second bullet point.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.