Nowadays, as everything seems to shift towards the cryptocurrency world, some countries have also initiated undertakings to integrate crypto-related services within their borders. Canada is one of these countries which has offered Binance, the world’s foremost cryptocurrency exchange platform the opportunity to have their party for financial services registered in their legal terms of the country.
This arrangement between Binance and Canada includes services such as carrying out digital asset trading, monetary transfers as well as foreign exchange, thus making Binance a Money Service Business (MSB).
Changpeng Zhao took to Twitter to confirm the deal, by revealing that the exchange platform has gotten approval from the Canadian law jurisdiction. This agreement has been approved to last three years until the end of 2024, while it has been confirmed on the 1st of December 2021.
Boxing day. 🇨🇦 https://t.co/XmnyQIODLT
— CZ 🔶 Binance (@cz_binance) December 27, 2021
Despite the recently encountered trading volume hiccups by the crypto exchange titan, Binance is still striving to globally scale its reputation and have more impact in the revolution of crypto-services.
Binance has recently been served with a fine by Turkey north of $750,000 citing violations as the leading reason. In addition, for quite a while now Binance has encountered a multitude of
regulation problems in countries such as Singapore, a country where this exchange could not succeed in agreements with the laws of the country about money-laundering.
Binance is among firms stymied by Singapore’s anti money-laundering rules https://t.co/xxJiMGfZJt
— Bloomberg Crypto (@crypto) December 17, 2021
Besides this, the Binance entity has also faced some issues regarding non-compliance with digital currency regulations, particularly those relating to consumer data and Anti-Money Laundering (AML) laws.
Due to these pressing concerns, Binance is working towards mending internal rules by adjusting them to comply with the legislation framework of different governments around the world. The CEO, CZ stated in a blog that Binance is open to the acceptance of new regulations in the industry that will allow it to grow faster: “Over regulation will kill the industry in the local market, and hence make the local market miss out on the next FinTech evolution. But proper regulation will allow the industry to grow faster, not slower.”