As 2021 edges to a close, the world’s largest cryptocurrency exchange, Binance, has received an MSB license to provide crypto services from the Canadian regulatory agencies.
According to the official filing with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Binance’s Canadian unit will be operating as Binance Canada Capital Markets.
The Canadian arm will also deal in foreign exchange services, money transfers, and virtual currencies.
The exchange was legally incorporated as a domestic organization on December 1st, 2021, and the license is valid for the next four years.
2021 has been an exciting period for Binance that has been avoided by influential regulatory authorities across the world.
In Turkey, Binance’s arm was fined more than $750,000 by the Financial Crimes Investigation Board (MASAK) after violations were discovered during liability inspections.
Meanwhile, the recent development signaled that Binance is progressing despite these challenges as it prepares to expand its global portfolio.
Source: FINTRAC