Binance, which owns the largest cryptocurrency in the world, has been enlightened by regulators in Bahrain and Canada to enable its partner companies to operate in the two countries.
The company announced on Monday that it had received a major grant from Bahrain Central Bank to establish itself as a nationwide crypto-asset service provider.
Binance said a full application process would still need to be finalized, which is expected to close "later."
In conclusion, Bahrain will be the first country in the Middle East and North Africa region (MENA) to grant Binance control over its business.
"Bahrain's Central Bank has shown leadership and foresight in dealing with crypto as the next asset class," said Changpeng Zhao, a billionaire founder and CEO of Binance.
"The accreditation recognizes Binance's commitment to fully comply with our regulatory requirements and our comprehensive commitment to operational and operational commitments in Bahrain."
Zhao also announced on Twitter on the same day that a separate Binance organization was registered with the Canadian financial intelligence agency, the Financial Transactions and Reports Analysis Center of Canada.
The organization, called Binance Canada Capital Markets, will provide services that include cryptocurrencies, foreign exchange, and money transfer.
The application and registration are part of Binance's efforts to become a "centralized exchange" for crypto exchange.
The company has been twice as likely to comply with regulations after attracting the attention of financial regulators around the world over its nationally divided business structure and lack of proper operating licenses.
One of the important steps Binance took was to actively seek the site of his official headquarters. The company is reportedly in talks with the regulators in Dubai about setting up a headquarters in the United Arab Emirates, according to Bloomberg.
Last week, Binance signed a memorandum of understanding with the Dubai World Trade Center Authority to build an international virtual asset ecosystem. The company also named Richard Teng, former CEO of Binance Singapore, as the regional head of Binance Middle East and North Africa unit.
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