Binance becomes the First Regulator to Provide Crypto-Asset Services in MENA-Bahrain
Binance is the world’s largest cryptocurrency exchange by volume. The Central Bank of Bahrain (CBB) has given in-principle approval to Binance to operate as a crypto-asset service provider in the kingdom. The reports came in through its website as of December 27, 2021.
Binance Operations in Middle East North Africa (MENA)
Binance recently applied for a license from the CBB to operate as a fully-regulated centralized platform. However, Binance must still go through the complete application procedure, according to CZ Zhao, the company’s CEO. In an email to Bloomberg News, he stated that it would be finished “in due time.”
The CBB’s decision to allow a Binance entity to operate in their market is the first among the regulators in the Middle East North Africa (MENA) region. Additionally, earlier in December, Binance and Dubai World Trade Centre Authority in the United Arab Emirates signed a collaboration agreement. The contract aims to establish an international virtual assets ecosystem.
Dubai’s World Trade Center (DWTC) announced that it would become a crypto zone and regulatory body for cryptocurrencies and other virtual assets. Moreover, the UAE attempts to attract new business as the Middle East heats up.
Additionally, Bahrain is working to improve its crypto sector. In January, the Bahraini central bank gave the nod to CoinMENA, a shariah-compliant cryptocurrency exchange.This year, several financial regulators have targeted Binance. Some organizations prohibited the platform from doing certain things, while others warned customers that it was illegal to operate in their nations.
In June, the UK’s financial regulator issued a warning on its website about Binance as it was providing financial services to customers without authorization. Later on, Binance received similar notices from Japan, the Netherlands, Italy, and the Cayman Binance’s recent expansion into multiple jurisdictions in the Middle East and North Africa has shown to be beneficial. In the UAE, Egypt, and Singapore, the cryptocurrency exchange platform is accessible. Furthermore, it named its Singapore CEO Richard Teng as regional chief for the Middle East and North Africa.Islands.
Binance Global Mission
Binance is one step ahead of the game regarding global expansion as a regulated exchange. Its main aim is to become the leading regulator-friendly exchange. Furthermore, CZ indicated that international regulatory approval would help pave the way for crypto and blockchain’s wide adoption.
CBB’s pro-crypto stance indicates the financial sector, which is currently undergoing significant change. CBB is committed to establishing a crypto-asset framework that meets global anti-money laundering, counter-terrorism financing, transaction monitoring, and consumer protection standards.
Binance CEO CZ said that combining TradFi and DeFi will provide the best of both worlds to customers. The merger allows investors to invest in cryptocurrencies safely. Binance’s global expansion speed has improved dramatically since it took the centralized route.
Binance simultaneously acquired a cryptocurrency financing license from the Canadian authorities when announcing its success in Bahrain. According to reports, Binance has established itself as a native company in Canada, known as the Binance Canada Capital Market.