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Binance Lands Regulatory Green Light From Canada And The Middle East

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Binance regulation is coming to Canada and Bahrain. As crypto adoption picks up pace, Binance is extending its reach to new investors.

Covered:

  • Binance Regulation Comes To Canada
  • Central Bank of Bahrain Approves Binance

Today marks another major step forward for regulatory approval in the cryptoverse. Binance is one of the largest crypto exchanges in the world, home to over 28 million users. As the bull market picks up steam again, Binance CEO Changpeng Zhao (CZ) is extending its reach to opposite ends of the globe. 

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Binance Regulation Comes To Canada

Yesterday, CZ dropped some big news for Canadian crypto investors: Canadian regulators have given the exchange the green light. As detailed in the filing with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Binance registered for an MSB license on December 24th and received approval today. The license is set to expire at the end of 2024.

Back in June, Binance was forced to remove itself from operations in Ontario as it was accused by the Ontario Securities Commission (OSC) of failing to meet regulatory requirements. Thus, Binance deemed Ontario a “restricted jurisdiction.”

These new regulatory provisions in the country, however, could usher the exchange back into Ontario as new legal framework is developed for Binance in Canada. 

Central Bank of Bahrain Approves Binance

On the other side of the globe, Binance also received approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. With the approval in Bahrain, the CBB is now the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity. Binance still has to complete the application process, which is set to be completed soon.

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Binance regulation in the Middle East could unleash a wave of new crypto market participants. Just a few weeks ago, Khaldoon Al Mubarak, CEO and Managing Director of Mubadala Investment Company, one of United Arab Emirates’ (UAE) sovereign wealth funds, mentioned that the company is looking to invest in the crypto ecosystem. 

He told CNBC that the skeptical views on crypto adoption will start to fade once a proper regulatory environment is in place.

While regulation has yet to land in the UAE, the approval from Bahrain could nod to an upcoming welcoming of crypto adoption throughout the Middle East.

The post Binance Lands Regulatory Green Light From Canada And The Middle East appeared first on CryptosRus.

Binance Lands Regulatory Green Light From Canada And The Middle East

 

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