Key Takeaways:
- The world's largest cryptocurrency exchage Binance has received a lisence from the Central Bank of Bahrain
- The exchange is set to receive a simmilar lisence in Dubai
- The permit comes amid increased crackdown agains Binance from global regulators
YEREVAN (CoinChapter.com) — Binance, the largest cryptocurrency exchange globally, now boasts of having a legal license. The Central Bank of Bahrain has granted the exchange a license to operate in its jurisdiction. The license comes amid increased scrutiny from global financial watchdogs.
The Cooperation Council for the Arab States of the Gulf (GCC) had not issued any crypto license before. The permit will enable Binance to offer a host of services in the region, including trading, custody, and portfolio management.
In addition, the exchange expects to receive a license in Dubai World Trade Centre, an economic free zone. Last December, Binance signed an agreement to establish an industry hub for virtual assets.
In the same month, Binance also announced it had obtained in-principle approval from the Central Bank of Bahrain. The consent gave the company permission to go ahead with the full application process to become a crypto asset provider in the country.
Binance CEO Changpeng Zhao shared the news on his Twitter handle.
Zhao also expressed hope that the regulatory requirements will protect customers using “strong anti-money laundering and counter-terrorism financing policies.“
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After receiving his much-coveted license, the Binance CEO proudly commended the Binance team for meeting the demands of the Central Bank of Bahrain.
“I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators, ”
Zhao said.
Bahrain license gives Binance hope
Binance has faced tough crackdowns from many countries, including the United States, the United Kingdom, Japan, China, and Hong Kong. So the positive developments in Bahrain and possibly Dubai come as much-needed victories for the exchange. In essence, the company can now hope this will have a ripple effect in other countries.
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,”
Zhao said.
Earlier this month, Binance returned to the Malaysian market after it made a strategic investment in MX Global the Selangor-based crypto exchange. MX Global is one of the four Digital Asset Exchanges that the Securities Commission of Malaysia (SC) has approved.
Zhao also thanked Bahrain for providing the regulatory protections that consumers should expect from regulators worldwide. In addition, the country has long demonstrated a willingness to become a center for crypto development.
Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB), reaffirmed the country’s commitment to the plan.
“Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.” .
Humaidan said
With plans to further expand into countries like Russia, Ukraine, Kazakhstan, and Uzbekistan, the new license will help Binance re-establish its reputation as a credible exchange.
