Middle East

Binance gets approval to provide crypto services in Bahrain

According to the company’s statement, Binance Holdings has received the principle approval of the Kingdom’s crypto asset service provider from the Central Bank of Bahrain.

Binance, the world’s largest cryptocurrency exchange in terms of trading volume, still needs to complete the complete application process, CEO Changpeng’CZ’Zhao wrote in an email to Bloomberg News. He said it would be completed soon.

If successful, this will be the first regulatory approval of the Binance entity within the Middle East or North Africa. Exchanges are seeking to expand their footsteps in the region, especially in the Gulf, as executives are preparing to establish potential headquarters.

“In the process, we are grateful for the support from the Central Bank of Bahrain and the broader Bahrain ecosystem,” Zhao wrote in an email.

Abdulla Haji, director of licensing at the country’s central bank, said licensing was a “procedural issue” after Binance met its founding requirements. He promoted the Kingdom as the perfect place for an exchange to set up headquarters in the area.

Bahrain, the smallest economy in the Gulf, was one of the early adopters of the Middle East in the field of digital wealth.

Rain Financial became the region’s first licensed crypto asset platform when it was approved for operation by the Central Bank of the Kingdom in 2019. Earlier this year, Bahrain’s financial authorities granted another license to Manama-based CoinMENA.

The Binance move underscores the growing focus on the Middle East.

In recent months, corporate executives have discussed with UAE regulators about the country’s potential headquarters, Bloomberg reported earlier.

Last week, Binance signed an agreement with the Dubai World Trade Center to help regulate virtual assets.

Founded in China in 2017, Binance Holdings has not yet established a global base. Instead, Zhao set up a company in the location where Binance operates.

https://gulfbusiness.com/binance-gets-in-principle-approval-in-bahrain-to-provide-crypto-services/ Binance gets approval to provide crypto services in Bahrain

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