Binance will be sealing the expansion deal with Canada and Bahrain after being given licenses by both sides.
With the New Year around the corner, Binance has set its sights on the Middle Eastern region, alongside a quite surprising revelation about its expansion into Canada.
As the popularity of cryptocurrencies and blockchain technologies is starting to grow across the globe, according to the CEO of Binance Changpeng Zhao, licensing deals are "essential to build trust in crypto and blockchain and help further improve mass adoption…"
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Binance, one of the largest crypto service providers, was given the seal of approval by The Central Bank of Bahrain to operate within the country, and acquired a financing license to set its roots in Canada.
While some expressed their concerns about Binance expanding into further domains, it aims to meet regulatory standards and make an appropriate entry into the Middle East. In fact, Binance’s partnership with the Dubai World Trade Centre Authority was a first step towards building, in their own words, "long-term economic growth through digital innovation."
In 2019, Bahrain became the first gulf region to approve a licensed crypto platform, and has been spearheading the digital asset sector ever since. Having a liaison like Binance in a country with a relatively small economy like Bahrain may turn out to be beneficial for both sides in the long run.