Binance launched its new Bahrain platform, binance.bh, on Thursday. On May 19, 2022, Binance was licensed as a Crypto Asset Service Provider (CASP) Category-4. The platform will be regulated by the Central Bank of Bahrain (CBB).
Binance now offers its full suite of crypto-asset exchange services to customers in Bahrain. Binance users in Bahrain now have access to local banking options, such as direct deposits and withdrawals in local currencies, while being closely monitored by the CBB.
This is yet another victory in Binance’s quest for global dominance in the cryptocurrency trading sector. Binance has been on a roll since the start of the year, gaining regulatory approval in countries such as France, Spain, Cyprus, Italy, Kazakhstan, and Lithuania.
According to Richard Teng, Binance’s Head of MENA, “The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange.”
As part of its expansion strategy, the exchange opened offices in Sao Paulo and Rio de Janeiro in early October before launching its platform in Bahrain.
By emphasizing robust compliance and security controls and working closely with regulators in the region to champion user protection and market integrity, Binance has established a strong presence in the GCC and contributed to the region’s status as a rapidly developing global crypto asset hub.
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