Binance wins in-principle approval to operate as a crypto-services provider in Bahrain

The cryptocurrency exchange Binance has obtained in-principle approval from the Central Bank of Bahrain to operate as a crypto-services provider.

#Binance has received in-principle approval as a crypto-asset service provider in the Kingdom of Bahrain.https://t.co/9GvuYVOYvt

— Binance (@binance) December 27, 2021

According to a statement, the company filed its application as part of plans to become a ‘fully regulated centralized cryptocurrency exchange’.

Binance also registered in Canada the entity Binance Canada Capital Markets as a money-services provider.

Boxing day. 🇨🇦 https://t.co/XmnyQIODLT

— CZ 🔶 Binance (@cz_binance) December 27, 2021

Against this backdrop, Binance CEO Changpeng Zhao published an article titled ‘Why Binance Embraces Regulation’.

» CZ FAQ 5 — Why Binance Embraces Regulations | #Binance Blog https://t.co/7Jc5CU8B2b

— CZ 🔶 Binance (@cz_binance) December 27, 2021

"Having effective regulatory acts that protect consumers while simultaneously encouraging innovation is essential for the growth of the industry," he wrote.

In Zhao’s view, industry players must engage with banks to accelerate broad crypto adoption.

"Today, 99.9% of money remains in fiat. And 5% of people who own cryptocurrency typically hold only a small portion of their wealth in it. To grow the crypto industry, we need fiat money both at gateways and beyond them. We need to build bridges. For this, licences are required," said the head of Binance.

In November the exchange published the document ’10 Fundamental Rights of Crypto Users’ as a basis for shaping cryptocurrency regulation.

In December Binance signed a memorandum of understanding with the Dubai World Trade Centre Authority to create an industry hub in the emirate.

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