Bahrain Grants Binance Approval To Become Crypto Service Provider

Bahrain grants Binance approval to provide crypto services but requires the exchange to complete the application process from the central bank first so let’s read more in today’s Binance news.

Bahrain became the first Middle-East, North-Africa country to grant Binance approval in principle to establish itself as a crypto service provider. Binance as the world’s leading crypto exchange by trading volume has to complete the full application process and get the license from the Central Bank of Bahrain. The company also said in a press release they expect to complete the process in due course.
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Boxing day. 🇨🇦 https://t.co/XmnyQIODLT

— CZ 🔶 Binance (@cz_binance) December 27, 2021

Bahrain grants Binance approval while the exchange also registered Binance Canada Capital Markets with the Financial Transactions and Reprots Analysis Centre of Canada, which is the country’s anti-money laundering and anti-terrorism financing regulator. According to the FINTRAC record, the company was incorporated at the beginning of December. The developments are a part of Binance’s plan to become a fully regulated centralized crypto exchange.

The developments are a part of the Binance plan to become a fully regulated centralized crypto exchange. Binance drew a lot of attention from regulators across the world for its operations with many saying it is not regulated to conduct businesses in their jurisdictions. This prompted the company to recruit staff and bolster the compliance activities with their plans to seek official approval in some countries. Bahrain is seeking to strengthen its position in the crypto industry and the country’s central bank gave the green light to COINMena exchange to start operating as it complies with Islamic laws.

As recently reported, The Turkish branch of Binance got fined over violations found during liability inspections. The fine imposed by the Financial Crimes Investigation board was the first of its kind after the agency took other responsibilities to oversee crypto asset service providers back in May. However, weren’t many explanations for the violations or inspections. A Binance spokesperson said that the company didn’t talk publicly about its communications with the authorities and regulators. Also, Binance is closing the trading platform branch in Singapore by February as it withdrew its application for a local license in the country. The unexpected move by the Singaporean branch of the exchange ended in an effort that started last year to gain approval from the Singaporean authorities.
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