One of the largest cryptocurrency trading platforms continues its Middle East expansion by gaining the right to offer cryptocurrency trading services in Bahrain.
Binance has announced that it has acquired a license from the central bank of the kingdom to provide cryptocurrency services. The exchange was assisted by the Cooperation Council for the Arab States of the Persian Gulf (GCC).
“The Bahraini authorities have built a world-class infrastructure to support the fast growing blockchain and cryptocurrencies industry with strong rules. Collaborating with industry leaders like Binance will further strengthen our mission to make the kingdom a leading business hub,” said Khalid Humaidan, CEO of the Bahrain Economic Development Council.
The license allows Binance to offer a wide range of crypto-currency services to customers in Bahrain, including trading, custody, and portfolio management of crypto assets. Recall that in December 2021, Binance received a principle permit to operate in Bahrain, which has now become a full-fledged license.
“The Bahrain license is a milestone on our journey to business licensing and regulation worldwide. The Bahrain team has shown considerable foresight in developing cryptocurrency regulations that provide the regulatory protections that consumers should expect from regulators around the world.” wrote
on Twitter Binance CEO Changpeng Zhao.
Previously, Binance signed a Memorandum of Understanding (MoU) with brokerage Sim;paul Investimentos to develop its ecosystem in Brazil.
Source: Bits
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