Bitcoin exchange Binance has received principal approval from the Central Bank of Bahrain to work as a cryptocurrency service provider.
According to the statement, the company has applied as part of plans to become a "fully regulated centralized cryptocurrency exchange."
Binance also registered Binance Canada Capital Markets in Canada as a money services provider.
Against this backdrop, CEO Changpeng Zhao published an article entitled Why Binance Adopts Regulation.
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“Having effective regulations that protect consumers while encouraging innovation is essential to the growth of the industry,” he wrote.
According to Zhao, industry players need to work with banks to accelerate the massive adoption of cryptocurrencies.
“Today 99.9% of the money is still in fiat. And 5% of people who own cryptocurrency tend to keep a small part of their fortune in it. For the crypto industry to grow, we need fiat money both in and out of gateways. We need to build bridges. To do this, we need integration with traditional financial systems, banks, payment services, etc. And this requires licenses," said the head of Binance.