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Binance is approved in Bahrain and fined $750,000 in Turkey

Binance is approved in Bahrain and fined $750,000 in Turkey

The Kingdom of Bahrain has granted approval for Binance to become a crypto-asset service provider. Almost at the same time, Turkish officials fined the local branch of the cryptocurrency exchange for $750,000. 

According to the Binance press service, the company has applied for a license from the Central Bank of Bahrain (CBB). By getting the approval, the company became the first official regulator of cryptocurrency assets in the Middle East and North Africa. Although the approval doesn't yet mean a proper license, no expert doubts that Binance can do it. The company plans to become a regulated, centralized exchange for cryptocurrencies worldwide. Earlier, it had already agreed on creating a crypto hub in Dubai

However, almost at the same time, Turkey's Financial Crimes Investigation Board (MASAK) fined the local Binance branch for 8 million Turkish Liras ($750,000). The reason for the fine was violations found during the investigation. But no details have been revealed so far. The press service of the crypto exchange refused to disclose data, citing its policy of refusing to discuss the company's negotiations with the authorities publicly. 

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