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Highlights
- Binance received an in-principle consent from the Central Bank of Bahrain (CBB) to establish itself as a crypto asset service provider in the Kingdom of Bahrain.
- The Central Bank of Bahrain is the first regulating authority to give access to Binance in the region.
- Binance would still require completing its application process and is expected to do the same in due course.
Binance is all set to make its entry into the Gulf region following the approvals from Bahrain. The leading crypto exchange can now be a legal cryptocurrency service provider in the country after the recently received in-principle consent from the Central Bank of Bahrain (CBB). The green light for the world’s leading exchange also marks an important step, signalling its first global office in the gulf region.
In a statement issued by Binance CEO Changpeng Zhao, it was reported that the approval from national regulators would help the exchange build trust in crypto and blockchain and accentuate the need for mass adoption. The Central Bank of Bahrain is the first regulating authority to give access to Binance in the Middle East and North Africa (MENA) region.
Also read: What does Binance’s MoU with Dubai World Trade Centre Authority point at?
Having said that, Binance would still require to complete its application process and is expected to do the same in due course. After Dubai, Binance’s entry to Bahrain also heightens the speculations that it has identified the Gulf region as its global headquarters. The exchange, earlier this month, had signed an MoU with Dubai World Trade Centre Authority for setting up a new international Virtual Asset ecosystem.
Canada also provides a nod
Apart from Bahrain, Binance has also obtained a green signal from Canada, and it has duly registered with the Financial Transactions and Reports Analysis Centre of Canada, the financial intelligence agency of Canada to operate in the country.
Also read: Can this crypto supersede Ethereum in 2022?
Tweeting about the details, Zao revealed that, the Canada registration would be named Binance Canada Capital Markets, which will offer services such as cryptocurrencies, foreign exchange, and money transfers.
https://twitter.com/cz_binance/status/1475321567026741248?s=20
The following developments also indicate Binance’s plan to get their house in order and become an exchange that operates by the book. For most of 2021, Binance was in the limelight mainly due to its tiffs with regulators in countries such as the UK, Singapore, Japan etc., banning them from operating in their jurisdictions. Following which the leading exchange has been vigilant and has been eagerly looking to strengthen its crypto operations in the countries.
Eye on Africa?
Bahrain’s approval could also open markets for the African countries, with Africa essentially dubbed as an unexplored market and growth that it holds.
Countries like Nigeria, Kenya, Tanzania, and South Africa have seen significant crypto activities in 2021. Following the fully functional operations in Bahrain and the United Arab Emirates, Binance could also target the African nations to cash in on the unexplored markets of Africa.
