Binance's Road to Compliance is at Dawn! Obtain a Canadian driver's license and a go-ahead from Bahrain

2021 is approaching and Binance, the world's largest cryptocurrency exchange, has finally sent some great news! On the same day, the company's CEO Changpeng Zhao (CZ) tweeted that Binance had obtained a license to operate in Canada and could provide local cryptocurrency services.

According to official data from the Canadian Center for Financial Trading, Information and Research (FINTRAC), Binance Canada Capital Markets, a wholly owned subsidiary of Binance Canada, is listed as a Financial Services Provider (MSB) on December 6. , sending money and cryptocurrency. transactions, the license is valid until December 31, 2024.

For Binance, 2021 is a roller coaster and is still banned by international regulators. In fact, BN Teknologi, a Turkish subsidiary of Binance, was recently fined 80,000 lire (approximately US $ 750,000) by police for violations found in previous investigations aimed at avoiding financial liability.

This has been an astounding year, but there's no denying that Binance is hoping to grow the business globally to follow in its footsteps.

With the acquisition of a Canadian financial services provider license, the cryptocurrency exchange was recently approved by the Central Bank of Bahrain (CBB) to operate locally as a future financial services provider in law. According to the reported article, Binance will apply for a permit from the Bahraini regulator and complete the proceedings in accordance with local regulations.

The Central Bank of Bahrain has announced that it is the first regulator in the Middle East and North Africa (MENA) region to give Binance the green light. In this regard, Changpeng Zhao said: The Central Financial Corporation of Bahrain has always been a pioneer in the development of legal procedures for crypto assets, anti-money laundering and anti-money laundering management, marketing supervision and consumer protection. It sets standards for existing financial processes and the cryptocurrency industry to ensure that the entire adoption and export process is secure enough.

Last week, Binance announced that it had signed an agreement with the Dubai World Trade Center (DWTCA) to jointly support the development of new international heritage sites in Dubai and boost long-term business. We plan to build a regional headquarters.