World’s leading crypto exchange platform, Binance announced that it has acquired a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB).
Binance Bahrain acquired the license on May 24 and is the first platform to be granted a category 4 license by the CBB.
“The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange,” said Richard Teng, Head of MENA at Binance.
The platform will now be able to provide its full range of crypto exchange services in the Kingdom of Bahrain under the supervision of the Bahrain regulators.
Teng continued, “This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well regulated environment.”
“We are grateful to the Central Bank of Bahrain for their support and vision in granting Binance Bahrain this license. Bahrain is well on the path to becoming a leading global hub for crypto.”
Binance Bahrain was granted a preliminary license in December and a full license in March, making Bahrain one of the first Gulf nations in the Middle East North Africa (MENA) region to allow an in-principle approval to Binance.
Binance is well on its way of becoming a global crypto exchange platform and service provider. The platform has been gradually expanding to various countries and solidifying government approvals proving to be a truly compliance-first platform.
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