Binance sets foothold in the Middle East: wins crypto license in Bahrain

March 16, 2022

By Sharan Kaur Phillora

Binance has obtained a license from the Central Bank of Bahrain to operate as a crypto service provider, marking a significant step for the crypto exchange to expand in the Middle East.

Here’s what you should know:

  • In an announcement made on the website, Binance stated that Bahrain had become the first country in the Middle East where the exchange will provide fully regulated services after the issuance through the Cooperation Council for the Arab States of the Gulf (GCC).
  • The license in question will enable Binance to offer services such as crypto-asset trading, custodial services, and portfolio management to users under the supervision of the Bahrain regulators.
  • Changpeng Zhao (CZ), founder and CEO of Binance, said “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 and protect users with strong anti-money laundering and counter-terrorism financing policies”
  • Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB), believes the collaboration with the major cryptocurrency exchange will further advance the investment promotion agency’s mission to establish the Kingdom of Bahrain as a leading business hub.
  • Binance is currently dealing with regulatory hurdles in numerous regions without operating from a physical global headquarters. But this has had little effect on Binance’s expansion plans. To further boost its presence in the Middle East, the exchange was reportedly in talks of obtaining an operational license in Dubai.

 


About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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