In Brief:
- Binance received “in-principle approval” from the Central Bank of Bahrain (CBB).
- After the approval, Binance will organize itself as a crypto-asset service provider in the Kingdom of Bahrain.
- The firm is expected to complete the relevant formalities in due course.
Crypto exchange Binance announced today that it has received “in-principle approval” from the Central Bank of Bahrain (CBB) to organize itself as a crypto-asset service provider in the Kingdom of Bahrain.
With this strategem, Bahrain has become one of the first Gulf nations in the Middle East North Africa (MENA) region to allow an in-principle approval to Binance.
The official post also read that Binance is required to complete the full application process, in order to get the in-principle approval from CBB. The firm is expected to complete the formalities in due course.
On this move, Binance CEO Changpeng Zhao said, “The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”
Recently, Binance had also signed a cooperation agreement with Dubai WTC Authority to build an international digital asset ecosystem to create more economic opportunities via digital innovation.
Of late, Binance has been trying to improve perceptions and relationships with regulators as it already received enough heat from tough regulations in countries like Singapore, Japan and China.
