The Central Bank of Bahrain has granted Binance a license to operate in the nation, allowing it to provide crypto trading, custody, and portfolio management services to Bahraini users.
Binance, the world’s largest blockchain and cryptocurrency infrastructure provider, announced today that the Central Bank of Bahrain has granted it a crypto-asset service provider license (CBB).
Binance‘s first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) underlines the company’s dedication to regulatory compliance as the first of its group of organizations in the area.
Changpeng Zhao (CZ), founder and CEO of Binance, said:
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.”
The platform will be able to provide crypto-asset trading, custodial services, and portfolio management to consumers under the supervision of Bahrain regulators thanks to the crypto-asset license.
HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain commented:
“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.”
The company was chastised by authorities in a number of nations, including the United Kingdom and Japan, in 2021.
The oil-rich Kingdom of Bahrain, on the other hand, appears to view the company more positively and sees the license as a move in the right path for its embryonic crypto business.
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