Binance, the world’s largest crypto exchange by trading volume, has been granted license by the Central Bank of Bahrain on Tuesday.
This is the first licence for Binance as a crypto asset provider in the Middle East and Africa region including the Gulf Cooperation Council (GCC) region and demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region.
The crypto-asset license will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.
Changpeng Zhao (CZ), founder and CEO of Binance, said: “The license from Central Bank of Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement.”
He further said: “Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.”
Team Bahrain Lauded
He also lauded the Team Bahrain for its hard work in meeting the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that the company met and exceeded the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.
Rasheed Al Maraj, Governor of the Central Bank of Bahrain, commented: “Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB) added: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors. Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”