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The world’s largest cryptocurrency exchange by trading volume, Binance, has received an approval “in principe” to establish itself as a crypto-asset service provider in the Middle-East Kingdom of Bahrain.
Binance will still have to complete the full application process to acquire a license from the Central Bank of Bahrain. The exchange said in a press release it expects to complete the process in due course.
Binance CEO Changpeng “CZ” Zhao also tweeted that fulfilling its ambitions to become a fully regulated centralized cryptocurrency exchange, Binance also registered Binance Canada Capital Markets with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s anti-money laundering and anti-terrorism financing regulator. According to FINTRAC filings, the company was incorporated on December 1.
Having experienced some regulatory headwinds in the past year, Binance CEO recently stressed that his exchange is “fully re-engaged” with regulatory bodies and is currently making “a number of very substantial changes” in “product offerings, our internal processes, and the way we work with regulators.”
In October, the crypto exchange giant took in a former Dubai Financial Services Authority (DFSA) Executive to liaise with regulators across the globe. The exchange had already strengthened its team with former Europol investigator Nils Andersen-Röed as its new director of audit and investigations and the former U.S. IRS investigator, Greg Monahan, to lead its Anti Money Laundering efforts.
Six days ago, Binance announced a new partnership with Dubai World Trade Center Authority (DWTCA) to establish a crypto hub in the Emirate.