The year-end seems to be a good one for Binance as it has received a crypto financing license from the Canadian government. The crypto exchange also recently received in-principle approval from the Central Bank of Bahrain.
Binance has been granted a crypto financing license by the Canadian government, which allows it to set up a company in Canada called Binance Canada Capital Market.
The new subsidiary of the world’s largest crypto exchange will deal with digital assets, money transfers, and foreign exchange. It will also be a Money Service Business (MSB), which means it will help people with money. Changpeng Zhao, the CEO of the company in Canada, told the news himself. He said that it was “Boxing Day” for the company there.
Boxing day. 🇨🇦 https://t.co/XmnyQIODLT
— CZ 🔶 Binance (@cz_binance) December 27, 2021
When the crypto exchange applied for an MSB license, it did so on December 24, according to the official filing with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC).
It was approved on December 27. There is a financial license that will last until December 31, 2024. On December 1st, the exchange registered its local business for the first time.
Binance has had a lot of ups and downs in terms of regulations in 2021. As it continues to enter new markets and get the necessary regulatory clearance, it has also been hit with a lot of backlash, warnings, and fines from other regulators at the same time.
The most recent regulatory issue for Binance came from Turkey, where it got a lot of attention from the government because of a lot of violations. An insider says it was because the exchange didn’t follow anti-money laundering rules, which is what happened to it.
