Regulators in Bahrain, Canada Green Light Binance

Binance, which is behind the world’s largest cryptocurrency exchange, has announced that it has been green lit by regulators in Bahrain and Canada. While the company’s affiliates would be able to operate in the two countries, it still must complete the full application process to acquire a license from the Central Bank of Bahrain.

As for Canada, the company registered Binance Canada Capital Markets with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is the country’s anti-money laundering (AML) and anti-terrorism financing regulator. The Binance Canada Capital Markets entity will offer services that involve cryptocurrencies, foreign exchange and money transfers. 

If all goes as planned, Bahrain would become the first country within the Middle East and North Africa (MENA) region to grant regulatory approval to a Binance entity. The country is currently seeking to strengthen its crypto industry, and in January, its central bank approved CoinMENA, which is a crypto exchange that complies with Islamic law. 

Changpeng Zhao is founder and CEO of Binance.

“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class,” Zhao said. “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.” 

Establishing a Formal Headquarters

According to recent reports, the company has also been in talks with regulators in Dubai about creating its head office in the United Arab Emirates, as the company is currently looking for a location to put its formal headquarters. 

Just last week Binance signed a cooperation agreement with the Dubai World Trade Centre Authority to form an international virtual asset ecosystem. 

The company has also recently announced that Richard Teng, the former CEO of Binance Singapore, is now the regional head of Binance’s Middle East and North Africa unit.