Binance reportedly managed to secure the regulatory go-aheads from two new jurisdictions on its map – one from the Middle East and the other from North America.

Specifically, the crypto exchange heavyweight has reportedly been successful in obtaining an in-principle license by the Central Bank of Bahrain, to function locally as a crypto asset service provider in the Kingdom of Bahrain. 

Per the announcement, snatching the in-principle greenlight is step that will reportedly go down in history as the first time there is a presence of a Binance entity in these regions. 

In a statement, Head of Binance Changpend “CZ” Zhao further shares that the greenlight from national regulators is “essential to build trust in crypto and blockchain and help further improve mass adoption.”

In terms of licensing it is “a matter of formalities”, per Abdulkarim Haji, director for licensing at the nation’s central bank. He emphasized that Bahrain is a jurisdiction with ideal conditions for rolling out its headquarters in the region. 

Via an initiative bearing many surprises, Binance has reportedly secured a crypto financing license in Canada, incorporated as Binance Canada Capital Market. 

The new subsidiary of the exchange will reportedly take care of digital assets, money transfers, foreign exchange and operate as a money service business (MSB).

CZ reportedly took to Twitter to share confirmation for the licensing. He revealed that the firm expresses excitement towards the expansion of its customer support team to cover customers and other crypto exchanges.

On December 24th, the crypto exchange reportedly submitted an application for an MSB license and received approval two days later. The expiration date of the existing financial license is on Dec. 31, 2024.