Binance receives crypto licence in Bahrain

The licence has been described as a “landmark achievement”

Binance mobile app logo on a smartphone, wallet with bitcoin                                 
Binance mobile app logo on a smartphone, wallet with gold bitcoin - Photo:Alamy
                                

Binance has been granted a crypto asset service provider licence from the Central Bank of Bahrain (CBB), marking its first regulatory approval in the Middle East.

This is the first crypto asset provider licence the world’s largest crypto exchange by trading volume has received from The Cooperation Council for the Arab States of the Gulf (GCC). The licence has been described as a “landmark achievement”.

Additionally, the crypto exchange believes the granting of the licence demonstrates Binance’s “commitment to being in regulatory compliance”.

In December 2021, Bloomberg reported that Binance was in talks with regulators in the United Arab Emirates (UAE) regarding establishing a potential headquarters in the country.

Authorised to provide crypto-asset trading

The Bahrain licence means Binance can now offer “crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators”.

Changpeng Zhao, founder and CEO of Binance, said: “The licence from Bahrain is a milestone in our journey to being fully licenced and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement. Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.”

HE Rasheed Al Maraj, CBB governor, said: “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.”

Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB), said: “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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