BSC News

Binance Receives Regulatory Approval For Canada, Bahrain - Begins 2022 Expansion

The exchange has received the nod from two regulatory bodies in diverse regions in quick succession opening new doors for the market.

Binance Covers Lost Ground

The largest cryptocurrency exchange in the world, Binance, received regulatory approval in Canada and Bahrain.

The exchange was issued a cryptocurrency financing license under the legal name, ‘Binance Canada Capital Markets Inc’ on Dec. 24 to function as a Money Service Business (MSB). Soon after, on Dec. 28, the CEO of Binance, Changpeng “CZ” Zhao, revealed that the exchange received approval from the Central Bank of Bahrain (CBB) to operate as a cryptocurrency asset service provider within the kingdom.

“Today, given our market presence, most regulators who are willing to talk to industry players typically talk to us first. Compared to other industry peers, our voices are usually heard first, and our opinions are usually taken with a heavier weight,”  stated CZ in a recent FAQ on Dec. 24. 
Source: Binance Blog
“In this way, we can influence regulations to the best extent we can. We love to share our best practices that make users trust us, from the fundamentals of KYC/AML, to industry specifics such as security, wallet management, listing frameworks, customer support, dispute resolution, to even internal employee policies. We hope by sharing our best practices, we can help to build a more healthy industry,” CZ added.

Earlier this year, Binance was a part of the cryptocurrency clampdown that the Ontario Securities Commission conducted in the region. The license is a successful attempt to gain back the market that may have been lost as a result of the clampdown.

Additionally, as previously reported by BSC News, Binance has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) on Dec. 21 to establish an industry hub in Dubai. CZ also purchased his first home in Dubai last month, probably in order to have proximity to the incoming hub.

What is Binance?

Binance is one of the industry leaders in the cryptocurrency market in many ways ranging from their crypto exchange to blockchain ecosystems designed for DeFi. The company runs two blockchain networks, the Binance Chain (BC) and the Binance Smart Chain (BSC). According to data from DeFiLlama, the total value locked (TVL) on DeFi protocols is $16.86 billion, making it the 3rd most utilized blockchain in the world.

Find more about Binance here:

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