New year, new regulatory approval. binance will ring in 2022 with good news from opposite sides of the globe as it receives an in-principle approval to operate in Bahrain and a crypto financing license in Canada.
The crypto exchange has been granted an in-principle license by the Central Bank of Bahrain to operate as a crypto asset service provider in the Kingdom of Bahrain. According to the announcement, the in-principle approval a first for a Binance entity in the Middle East and North Africa region.
In a statement, Binance CEO CZ said that approval from national regulators is"essential to build trust in crypto and blockchain and help further improve mass adoption." When it comes to licensing, it is"a matter of formalities,'" according to Abdulkarim Haji, director for licensing at the country's central bank. He highlighted Bahrain as the ideal location for Binance to establish its headquarters in the region.in Canada, incorporated as Binance Canada Capital Market. The new subsidiary of the exchange will handle digital assets, money transfers, foreign exchange and function as a Money Service Business .
CZ confirmed the licensing on Twitter. He said they're excited to expand their customer support team to include customers and other crypto exchanges.
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