Binance exchange received approval to operate in Bahrain

The platform will become the first official provider of crypto assets in the country

28.12.2021 - 07:45

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What’s new? The Binance exchange continues to expand its operations globally. The platform has applied for a license in Bahrain and received approval from the Central Bank of Bahrain (CBB) to establish a crypto asset provider in the country. The information appeared on the exchange's Twitter account.

#Binance has received in-principle approval as a crypto-asset service provider in the Kingdom of Bahrain.https://t.co/9GvuYVOYvt— Binance (@binance) December 27, 2021

What does the CEO say? CBB has become the first regulator in the Middle East and North Africa (MENA) region. Changpeng Zhao, the exchange’s founder and CEO, said:

“Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”

What had happened before? The company has registered itself as a local organization in Canada, known as Binance Canada Capital Market. This Binance subsidiary will facilitate the provision of the services related to digital assets, money transfers, and foreign currencies and act as a money services business (MSB).

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