The authorities of Bahrain approved Binance, but the firm must wait for the application process to be complete. The regulatory agencies of Canada authorized the firm, which introduced the request on December 24th, to operate until 2024.
The Central Bank of Bahrain, an island nation in the Persian Gulf, recently gave Binance approval to operate in its territory. That platform has faced many regulatory problems in different countries not open to the trade of crypto assets in recent years.
Binance is interested in entering the regulatory framework of several nations to become fully centralized. The company made that known through a statement in the past few days.
The authorities of Bahrain are the first regulator in the Middle East and North Africa (MENA) to approve a Binance entity, says the document. However, they have not defined everything for the firm in that country, as the firm must wait for the application process to be complete.
The Middle East is important to Binance, which also signed an agreement with the Dubai World Trade Center Authority (DWTCA) on December 21st. They seek to outline the vision of accelerating the set-up of a new industry hub for Global Virtual Assets.
Binance Also Bows to the Regulations that Canada Imposes
Canada was another country whose regulatory agencies approved the operations of Binance. They introduced the request on December 24th and received the go-ahead three days later. They will have permission to operate until 2024.
The CEO of Binance, Changpeng Zhao, recently spoke about regulations, indicating the company is, unfortunately, the leading player in the cryptocurrency space. For that reason, he said that when it comes to regulators, they look at Binance first.
Zhao stated that it is not a matter of money but doing something meaningful. He noted that there had been an increase in information, expression, education, and press freedom throughout history. However, he highlighted that (fiat) money is not entirely free, but cryptocurrencies can increase that freedom.
Since 2017, Binance has operated worldwide without centralized offices or regulatory licenses. However, everything has changed due to the pressure from various countries such as the United Kingdom, Italy, and Chile.
The exchange has had to adjust to the regulations in different countries, which will also happen with its users. In other words, they have to provide their personal data to operate or send information along with their money transfers.
What Binance Thinks about Regulatory Pressures
Changpeng Zhao has said that Binance has worked with regulators and legislators from different countries. The executive has stated that they seek to develop policies to protect consumers, encourage innovation, and advance the industry.
He has also noted that some governments have even warned about the alleged risks of trading crypto assets. That situation has led the United Kingdom, Cayman Islands, Thailand, Japan, and Malaysia to restrict their operations.
The CEO of Binance has reported that financial regulators accused the firm of conducting illicit activities like money laundering and terrorism financing. Besides, he has stated that they also suggested the possibility of the exchange committing fraud against its users.
By Alexander Salazar
