Binance Exchange All Set to Start Services in Canada and Bahrain

$500M Funding Secured by Binance For Investment in Blockchain and Web3 Sector
  • But the newest development shows that Binance’s worldwide expansion plans.
  • Binance has been on a rollercoaster ride in 2021.

It’s been a busy year for Binance. The world’s biggest crypto exchange has received an MSB license from Canadian regulators to sell cryptocurrency services. It also received in-principle clearance from Bahrain’s central bank.

The Canadian branch of Binance will be known as Binance Canada Capital Markets, according to the company’s formal registration with FINTRAC. Also, it will deal with money transfers and virtual currencies, as well as foreign exchange. On December 1st, 2021, the exchange was formed as a domestic organization, and the license is valid until December 31st, 2024.

CZ tweeted to confirm the news:

Binance has been on a rollercoaster ride in 2021, with some of the world’s most prominent regulators turning their backs on the company. This was recently shown by MASAK’s recent $750,000 punishment against the company’s Turkey subsidiary for infractions discovered during liability inspections.

Gulf and MENA Region

But the newest development shows that Binance’s worldwide expansion plans continue ahead despite these difficulties. Additionally, a Gulf nation gave the cryptocurrency exchange a heads-up after obtaining an MSB license.

The Central Bank of Bahrain (CBB) has granted Binance in-principle clearance to operate as a cryptocurrency service provider. According to the news release, following an application for a license from the regulatory agency, the exchange was granted a green light by the company’s board of directors.

CBB is the first organization in the MENA area to give the go-ahead to Binance after the most recent development. Exchange still has to go through the application procedure, which is expected to be completed in the “due course” of this authorization. 

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