Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has received the crypto-asset service provider license from the Central Bank of Bahrain (CBB), as it targets a major push in the Middle East.
The landmark achievement for Binance marks its first license as a crypto-asset provider in the Gulf Cooperation Council (GCC) and demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region.
Binance was granted preliminary approval for the license in December 2021 but it was required to complete the full application process before being awarded the full license.
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.
“The license from Bahrain is a milestone in our journey to being fully licensed 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.”
Bahrain, the Gulf’s smallest economy, has been one of the Middle East’s early adopters in the digital assets space. The Kingdom sees the license approval to Binance as a positive step forward for its crypto business, which is in the budding stage.
HE Rasheed Al Maraj, Governor of the CBB 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.”
“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 Bahrain as a leading business hub,” Mr. Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB) added.
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