Central Bank of Bahrain Awards Binance License to Operate in Bahrain
- In December, Binance was granted permission to operate in Bahrain via an in-principle.
- The license enables Binance to continue its worldwide growth.
Bahrain’s central bank has awarded Binance a license to operate in Bahrain, the first country in the Middle East, allowing the exchange to provide fully regulated services for the first time. Through the Cooperation Council for the Gulf Cooperation Council (GCC), Bahrain provided the permit. World’s biggest exchange, Changpeng Zhao, stated on March 14 that it had received a license to offer crypto-asset services.
#TeamBahrain.#Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain. pic.twitter.com/Ndnb4xhA5y
— CZ Binance (@cz_binance) March 14, 2022
Customers may now use Binance’s new license to trade, store, and manage their cryptocurrency portfolios. In December, Binance was granted permission to operate in Bahrain via an in-principle. This no-strings-attached permission has now been formalized as a license.
Entry into the Middle East
The license enables Binance to continue its worldwide growth while adhering to local laws and regulations. This past week, CZ indicated that he intended Binance to “identify and invest in” established firms in every economic area globally with the explicit goal of linking cryptocurrencies to their business models.
Despite its small size compared to other nations in the area, Bahrain has been one of the Middle East’s most crypto-friendly countries. In January, the Central Bank of Bahrain (CBB) successfully tested JP Morgan’s Onyx cryptocurrency payment system.
In this regard, Binance’s plans to get operating licenses in each location will undoubtedly be aided by its current efforts. Forbes, a news media publisher, announced a $200 Million Strategic Investment From Binance The CBB’s decision undoubtedly places the nation ahead of Dubai as the region’s crypto center. Dubai, which has not yet authorized cryptocurrency exchanges to serve its inhabitants, lags well behind Bahrain regarding financial crypto legislation.
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