Wednesday, January 19

Binance obtains registration in Canada and Bahrain

Seeking to show that it continues to seek to operate legally, Binance obtained registration in Canada and Bahrain, presented this Monday (27).

This movement in both countries comes after an open letter from the CEO of Binance, CZ, supporting the market regulation, published last Friday (24).

“Good regulations will be good for cryptocurrencies. Bad regulations will be bad for cryptocurrencies. Having good regulations that protect consumers while encouraging innovation is important for industry growth.”

For CZ, with regulation, mass adoption becomes possible, as well as integration with banks. He said the brokerage will continue to work with regulators to create market rules and protect investors from the nebulous practices of small brokerages.

Binance obtains registration in Canada

After defending the market regulation in recent days, CZ published this Monday an enigmatic message with the Canadian flag and the writing “boxing day”. In that country’s businesses, this date is celebrated on December 26 and represents a time of festivities after Christmas.

Along with the message, CZ also published a link to the Canadian Financial Transaction Analysis and Reporting Center (FINTRAC) website, which brings together companies that provide financial services in the country.

Upon entering the site, you can see that as of December 24, 2021, Binance has obtained a registration in the country. This registration will be valid until December 31, 2024.

The Federal Jurisdiction Registration allows Binance to operate in the “Exchange Trading”, “Money Transfer” and “Trade in Virtual Currencies” categories.

Bahrain’s Central Bank also approves Binance

In a publication in your page Also on Monday, Binance also announced that it is now a cryptocurrency broker regulated by the Central Bank of Bahrain (CBB), being the first to obtain such permission.

Binance has in principle received approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-active service provider in the Kingdom of Bahrain. The approval in principle comes after Binance applied for a license from the CBB as part of its plans to become a fully regulated centralized cryptocurrency exchange.

Despite being the first license in the region for a cryptocurrency company, the Binance process has yet to be completed after performing a few more steps.

Obtaining approvals in some countries can be important for Binance to demonstrate that it continues to please regulators and keep an eye on the demands of these institutions linked to governments. Anyway, not all countries observe the broker’s movements with enthusiasm.

That’s because Binance has ended its activities in Singapore and has been fined in Turkey in recent days, showing that pressure continues in some jurisdictions.

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