Binance is set to enter the Gulf region following approvals from Bahrain. The main cryptocurrency exchange can now be a legal cryptocurrency service provider in the country after recently received in-principle consent from the Central Bank of Bahrain (CBB). The green light for the world’s first stock exchange also marks a milestone, signaling its first global office in the Gulf region.
In a statement released by Binance CEO Changpeng Zhao, it was reported that approval from national regulators would help the exchange build confidence in crypto and blockchain and heighten the need for mass adoption. The Central Bank of Bahrain is the first regulator to provide access to Binance in the Middle East and North Africa (MENA) region.
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That said, Binance would still need to complete its application process and should do the same in due course. After Dubai, Binance’s entry into Bahrain also increases speculation that it has identified the Gulf region as its world headquarters. The exchange, earlier this month, signed a memorandum of understanding with the Dubai World Trade Center Authority for the establishment of a new international ecosystem of virtual assets.
Canada is also winking
Besides Bahrain, Binance also got a green signal from Canada and duly registered with the Financial Transactions and Reports Analysis Center of Canada, Canada’s financial intelligence agency to operate in the country.
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Tweeting about the details, Zao revealed that the registration in Canada will be called Binance Canada Capital Markets, which will offer services such as cryptocurrencies, currencies and money transfers.
The following developments also indicate Binance’s plan to tidy up their home and become an exchange that works according to the book. For most of 2021, Binance was in the limelight mainly due to its disputes with regulators in countries such as the UK, Singapore, Japan, etc., banning them from operating in their jurisdictions. After which, the main exchange has been vigilant and eagerly sought to strengthen its crypto operations in countries.
An eye on Africa?
Bahrain’s approval could also open up markets for African countries, with Africa essentially being characterized as an unexplored and growth market it holds.
Countries like Nigeria, Kenya, Tanzania, and South Africa saw significant crypto activity in 2021. Following fully functional operations in Bahrain and the United Arab Emirates, Binance could also target African countries to leverage profit from the unexplored markets of Africa.