Binance receives preliminary approval in Bahrain to operate as a crypto-asset service provider

<p>Binance, the world's largest cryptocurrency exchange, is continuing to expand globally as a regulator-friendly exchange one step at a time. Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the country this time around, following its licence application.</p> <p>With this approval, the CBB becomes the first regulator in the Middle East North Africa (MENA) region to grant Binance entity in-principle approval. Regardless of CBB approval, the cryptocurrency exchange must complete the entire application process.</p> <p>Additionally, CZ stated that global regulatory approval will pave the way for widespread adoption of cryptocurrency and blockchain. Specifically, the pro-crypto CBB, which has been steadily working to develop a crypto-asset framework that adheres to global anti-money laundering, counter-terrorism financing, transaction monitoring, and consumer protection standards. CZ emphasised that this nexus of TradFi and DeFi will provide consumers with the best of both worlds, facilitating secure crypto investments in general.</p> <p>"Recognition and approval by national regulators, such as the Central Bank of Bahrain, are critical for establishing trust in cryptocurrency and blockchain technology and accelerating mass adoption...</p> <p>It establishes a benchmark for safe adoption and deployment by bridging traditional financial systems and the crypto industry."</p> <p>Growth favoured by Binance's regulators</p> <p>Binance's global expansion speed has accelerated significantly since it chose the centralised approach. While announcing its Bahrain accomplishment, Binance also announced the acquisition of a Canadian regulator-issued crypto financing licence.</p> <p>Binance has registered as a native organisation in Canada, dubbed the Binance Canada Capital Market, according to CoinGape's breaking news report today. Binance's exclusive presence in Canada will facilitate services related to digital assets, money transfer