'Tide is turning.' This is what Changpeng Zhao (CZ), founder and CEO of Binance had to say after scoring two important regulatory approvals.
2021 has been no less than a rollercoaster ride for Binance, which has been shunned by some of the most powerful regulatory authorities all over the world. In fact, its Turkey unit was recentlyover $750,000 by the Financial Crimes Investigation Board over violations found during liability inspections.
However, the latest development demonstrated that Binance is moving forward despite these hurdles as it looks to expand its global footprint. Apart from scoring an MSB license, the cryptocurrency exchange also received a heads up from a Gulf country.receiving in-principle approval from the Central Bank of Bahrain to operate as a cryptocurrency service provider.
With the latest development, CBB became the first entity in the Middle East North Africa region to give the green light to Binance. As part of the approval, the exchange will still need to complete the entire application process, which it expects to be completed in the “due course.” Speaking about the development, CZ noted,
“The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”joining forces with Dubai World Trade Center Authority to develop a cryptocurrency hub.
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