Binance Gets Green Light from Canada and Bahrain

So I just saw the news that Binance's Canadian branch is officially gonna be called Binance Canada Capital Markets, according to their filing with FINTRAC. On top of that, they’ve also snagged in-principle approval from the Central Bank of Bahrain to operate as a crypto service provider. Looks like Binance is making moves both east and west. It could be solid news, but let’s hope it all works out in the end. It’s cool to see them as the second platform stepping into the Middle East. If they keep things simple and speed up the identity verification process, I can totally see them racking up millions of users.

This makes the Canadian financial services (and potentially many other countries' services too) look A LOT less hostile towards cryptocurrency. Many countries came out all at once and said they couldn't regulate binance based off what it was doing but they didn't issue an outright ban on it - they've given them a certain amount of time (likely) to make the changes they need without just banning them and expecting them to grow back again (there might be an argument for things being unbannable on the Internet too).

It's clearly good news. It's unfortunate that they have to comply a lot of crap to be accepted, but I guess that they've done it right this time. Now let's see what's going to happen with the countries where Binance was already in trouble.. will they be OK with the new move or will ask for more? For some time lately they are no longer hostile. Everything has change since big companies invest into bitcoin. And as long as Binance does all the legal steps, the financial services will accept it, at least in the more open minded countries.

The problem is that Binance will be a model for how to deal with all cryptocurrency exchanges and cryptocurrency in general. Binance has many black points and I hope it ends well, but if problems occur, many countries may take a step back before issuing any licenses in the future. I agree, in 2017, we only heard the link between cryptocurrencies, drugs and support terrorism. Today, a lot of people talk about them as digital investment tools.

Judging by how the previous events unfolded, I always thought they were destined to fail, but it seems I was wrong and they've finally learned that nothing good comes from ignoring those warnings. Perhaps, Canada already belongs to that category, since Binance had issues with offering their services to "Ontario-based users".

Very interesting how countries are giving a nod to bitcoin in every part of the world, I don't know if they are giving it willingly or it's just that they don't have any other option than to do this. I feel this might gives a lot of countries confidence about operating crypto exchanges in their country, for Binance it's a big win, first they negotiated with US to operate there after opening a separate exchange, now they have got the nod from Canada too, i think they are ensuring that they will always remain the number one exchange in the world.

I think binance is being treated by a lot of places as a large company and it'll be dealt with according to that. A soured reputation of binance probably won't detract from bitcoin's reputation with legislators. This is probably understood too by the entities looking at whether it should be given regulation or not - enough people use them to trade and they have high volumes but they're not that trustworthy either imo (many new companies aren't though and crypto itself is very young).

I am not convinced that you're correct in this. Nowadays - actually let's say one year ago - Binance was one of the very few big crypto businesses with no compulsory KYC. So it's more like an exception than a rule. It's big, it's well known, but I'm not convinced it can be seen as a model. For example FTX, although it's much newer, it's closer than Binance to what the usual crypto exchange does nowadays in relation with the laws and banking system.

Binance, although just a year or so ago operates with lots of questionable practices, continues to expand on places where other cryptocurrency services are challenged. Lots of warnings have been laid out against them in recent times, and they ignored those for so long. I guess if they really wanted to expand, they would really do any compromises just to stay on top. They are still getting huge day by day, and it's just apt for them to transition from a rogue exchange that evades legislation to a platform that complies for the betterment of what they offer and protection of the people they serve.

For me, this is great news after Binance was having problems from various countries like UK, Singapore, etc., in terms of regulations. But of course, the requirements are very hassle in order to comply with the country's regulations. Small steps like this would just lead to something big later on, but Binance did a great job on that. Hopefully other countries (not China and other anti-cryptos out there) would follow suit as Binance is willing to comply with the regulations.

Apparently, Binance has succeeded in expanding its activities east and west thanks to yielding to government pressure to change its policy, Binance has enforced KYC verification as well as against money laundering (AML), Binance has also imposed many restrictions on its other services to obtain government approval and it seems to have succeeded Indeed, and now that it has begun to expand, my fear is that Crypto will become more centralized thanks to these restrictions that have been imposed, users will lose a lot of their privacy due to these new policies and this is what governments have been seeking from the beginning.

I don't think it is free will rather it is a natural need that necessitated it. The world is changing and financial vicissitudes are over bothering the existing traditional financial system. I don't know how Satoshi was convinced this will work and this obviously is leading the world into another phase of financial comfort for even bank workers, poor and the rich alike. Moreover the traditional financial system or economy is a little bit stress free with the introduction of digital currency and other means of financial services or payment system , PayPal, ATMs , mobile transactions etc. So it is not a willful act by countries but the chase to meet up with the ever changing world is the driving force that is the cause. More countries might adopt the crypto space or make a partial adoption this year by creating or giving free hand and licenses to more exchanges.

That's somewhat unexpected news. Like some of you said, perhaps this helps make certain jurisdictions (looking at you, UK and EU) look at them in a better light. Not that I ever used them much to liquidate, but you had to appreciate their instant euro deposits when requesting withdrawals. Since Clear Junction lopped them off, they've had some reroute through a 3rd party SEPA processor but haven't bothered to sign up for that account (the fees also make it highly unattractive). Big win for them, but possibly bigger wins for exchanges looking to legitimise via regulators?

According to the government-issued policies regarding Binance exchange Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), will regulate its transactions and tax benefits to the government directly. So, Binance directed Canada and Bahrain center bank to give permissions to perform regulatory functions to the government.whatsapp aero

Binance is a fully KYC compliant platform now and one of the biggest exchange for people looking to cash-out there crypto gains or just trade. With moves like this, it is evident that being a "platform" cannot be considered rejection worthy time and again. Now what happens to the assets that are being traded there is a completely different thing. Can't Binance always say that they are just a platform, similar to how facebook and twitter aren't liable for user-posted content? Binance isn't doing anything that Coinbase isn't already doing so it getting a license was just a matter of time. How the people interested in NFTs and DeFi end up using it is the main connection. Binance is a big piece of the puzzle of inter-blockchain usage as it has a lot of the bridges and allows you to get onto any network with a central trade. It is going to be an established service and there is no use stopping the thousands of artists in the Americas waiting to do their bit of shitcoinery and get rich.