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December 28, 2021
Binance is in the process of transforming itself into a centralized regulated exchange and is working on the necessary licenses in several jurisdictions.
Binance announces that it has received in-principle approval from Bahrain's central bank. Binance will become a registered provider of crypto services in the country. The full application and regulatory process has yet to be completed, but seems to be only a formality now.
Binance is the largest cryptocurrency exchange in the world and has grown very strongly in just a few years, without being bothered by regulation. Since this year, however, the exchange has been reprimanded by several regulators, so CEO CZ decided to comply with regulations. Binance used to work in a decentralized way and is now saying goodbye to this structure.
"We are currently setting up real offices and legal structures in several countries," said CEO Changpeng Zhao (CZ). Two weeks ago, the Binance CEO was in Brussels to talk with European regulators and governments.
There are already some European countries with cryptocurrency laws. For example, in the Netherlands, every cryptocurrency provider has to be registered with the central bank DNB. They have already warned Binance that the exchange is operating illegally in the Netherlands.
A fast growing European exchange such as Bitvavo, which is located in the Netherlands, is an example of a trustworthy exchange that is registered with the DNB. On our website you can find other websites where you can buy cryptocurrency.
