Binance cryptocurrency exchange has received approval from the Central Bank of Bahrain. This will allow Binance to operate in the kingdom as a virtual asset service provider.
How
reported Binance, the site intends to become a fully regulated centralized cryptocurrency exchange in Bahrain. Despite being the smallest country in the Persian Gulf, Bahrain is considered one of the visionary innovators in the Middle East, as it creates conditions for the development of blockchain and cryptocurrencies.
The Central Bank of Bahrain (CBB) became the first regulator in the Middle East and North Africa (MENA) region to issue such a permit to Binance. However, in order to obtain a license, the marketplace must complete the application process in full and on time.
“With its loyalty to cryptocurrencies as a promising asset class, the Central Bank of Bahrain demonstrates leadership and foresight. Obtaining regulatory approval proves our commitment to being fully compliant with the regulatory requirements that we intend to comply with when operating in Bahrain, ”said Binance CEO Changpeng Zhao.
CBB Licensing Director Abdulla Haji said that once Binance has met the necessary preconditions, the licensing process will become just a “matter of formalities.” Haji called the Kingdom of Bahrain “the ideal place” for the exchange to register its headquarters. Although recently Zhao said that France and Ireland may be suitable for this.
Back in 2019, the Bahraini government launched a simplified registration program for firms operating with the latest technology. At the beginning of the year, the Sharia-compliant cryptocurrency exchange CoinMENA received a license from the Bahrain regulator.
A few months ago, Zhao announced the need to reorganize Binance into a licensed financial institution with a centralized headquarters in order to improve relations with regulators.
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