Market

Happy New Year to Binance with green lights from Canada and Bahrain

Binance Holdings Ltd., the world’s largest exchange by volume, has received approval from the Central Bank of Bahrain (CBB) to become a cryptocurrency service provider. According to a release from the company, the exchange is applying for a license with the aim of becoming a fully regulated central exchange.

Happy New Year to Binance

It’s worth noting that this news comes after  was recently granted permission by Canada to offer crypto services.

Prior to this positive news, Binance saw months of clashes with a number of regulators around the world. Among the measures taken to address this issue, Binance hired many influential industry executives last year to work in their flagship offices as part of a better compliance initiative. Exchanges have been restricted for “non-compliance” in countries such as the United States, Singapore, United Kingdom, Thailand and others.

The world exchange may still have a bumpy road ahead, however, as the Turkish regulator Binance recently fined nearly $ 750,000, according to Bitcoin Magazine. The Turkish Financial Crime Investigative Commission (MASAK) reportedly closed its local office for non-compliance with customer information and anti-money laundering (AML) regulations.

However, with the consent of the Kingdom of Bahrain, Changpeng Zhao (CZ), founder and CEO of Binance, commented:

“Recognition and approval of national regulators like the Central Bank of Bahrain is essential to build trust in cryptocurrencies and blockchain, which further enhances the adoption of series.”

However, the approval process still requires Binance to complete the entire registration process, which the company wants to adhere to “on time”.

In recent interviews and blog posts, CZ suggests that the foundation aims to end regulatory issues by partnering with regulators around the world.

And as Binance forges into the Gulf, it’s noteworthy that the platform signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center Authority (DWTCA) last week.

Notify shown The aim is to support exchanges, blockchain and distributed ledger technology (DLT) companies, as well as a wide range of licensed digital currencies and assets in Dubai.

According to media reports, top Binance executives are negotiating with a lawmaker in the United Arab Emirates to set up a headquarters in the country in order to gain a foothold in the region.

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

21 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

44 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.