Bahrain has approved Binance (leading crypto exchange in terms of volume), to establish itself as a crypto-asset service provider, becoming the first country in Middle East-North Africa to do so.
Binance is still required to complete the application process before it could acquire the license from the Central Bank of Bahrain. The recent developments are part of the Binance objective of becoming a fully regulated centralized crypto exchange.
Binance Canada Capital markets were also registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is the anti-money laundering and anti-terrorism financing regulator.
To get approval in some countries, early this year, Binance hired staff to strengthen its compliance activities. This action was taken because of the attention grabbed by Binance for its operations and remarks made by many regulators in which they have denied Binance to conduct business in their jurisdiction.
Bahrain, on the other hand, is looking to strengthen its crypto industry.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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