Binance announced on its blog that it has been granted permission to operate in Bahrain after its Crypto-Asset service provider license was approved by the Central Bank of Bahrain.
According to the exchange,
“The crypto asset license will allow Binance to provide crypto-asset trading, custodial services, and portfolio management to customers under the supervision of the Bahrain regulators.”
Binance can operate within the confines of Bahraini legislation and under the supervision of the Central Bank of Bahrain with the Crypto-Asset service provider license (CBB).
Changpeng Zhao (CZ), founder and CEO of Binance, tweeted,
“Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain.”
CZ added, “The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.”
Binance was granted in-principle approval by the Central Bank of Bahrain in December 2021, which meant that they still had to go through the entire application process before being fully licensed.
The governor of the Central Bank of Bahrain, Rasheed Al Maraj announced, “Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
According to the Binance blog, the CEO of the Bahrain Economic Development Board (EDB) stated, “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech, and technology sectors. Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”
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