The world’s biggest crypto exchange, Binance, continues to take a massive leap with its expansion across the globe as a regulatory-friendly exchange.
This time, following its license application, Binance has achieved in-principle approval of CBB. Central Bank of Bahrain (CBB) to become an official service provider for crypto-assets.
CBB approbation is the first regulatory body approved in the Middle East North Africa (MENA) region to give in-principle approval to Binance company. However, the cryptocurrency exchange has to finish the application process, despite CBB approval.
In-principle approval is a sign that Binance must complete the application process in full and expects to complete “in the near future,” the announcement notes.
Bahrain, which is the Gulf’s smallest economy, has been among the Middle Eastern’s first adopters of the area of digital assets. Binance’s move highlights its growing concentration on the Middle East.
Last week, Binance signed a Memorandum Of Understanding (MoU) with the Dubai World Trade Centre Authority to create a crypto hub.
Binance Chief Executive Officer Changpeng “CZ” Zhao tweeted. The cryptocurrency giant has registered Binance Canada Capital Markets through its Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), its anti-money-laundering (AML), and anti-terrorism regulator. As per the FINTRAC records, the company was incorporated on Dec. 1st.
These developments are part of the plan to be a fully-regulated central cryptocurrency exchange. Binance is shifting from a decentralized model to a more centralized one to transition from a technology firm into a financial services firm.
In the last few months, Binance has been scrutinized by regulators around the world, including the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
Binance announced making “substantial adjustments” to be a fully licensed and fully compliant cryptocurrency exchange in December. “We’re working on setting up offices that are real legally-formed entities, a properly-run board and proper governance structure across the world,” Zhao said.