Binance was granted in-principle approval by the Central Bank of Bahrain in order to provide cryptocurrency services in Bahrain. The license is part of Binance’s “plans to become a fully-regulated centralized cryptocurrency exchange,” the crypto exchange detailed.
Bahrain approves Binance’s In-Principle Approval
Crypto exchange Binance announced Monday that it has “received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain.” The company explained:
Binance received in-principle approval after it applied for a CBB license to help with its plan to create a fully-regulated, central cryptocurrency exchange.
Receiving in-principle approval means that Binance still needs to complete the full application process, which the company expects to be done “in due course,” the announcement notes.
According to the crypto exchange, the CBB is the “first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity.”
Binance CEO Changpeng Zhao (CZ) commented, “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
Binance’s activities over the past few months have been closely monitored by regulators from around the globe, including the U.S. (UK), South Africa and Australia), Norway, South Africa. Australia, Norway, South Africa. South Africa. Australia. South Africa. Australia. South Africa. Australia. South Africa. Australia. South Africa. Australia. South Africa. Australia. Hong Kong. Germany. Italy. India. Malaysia. Singapore. Turkey.
Binance stated in August that regulatory compliance is a priority. It is pivoting from a technology business to become a financial service company, moving away from its decentralized model.
In early December, Binance revealed that it is making “substantial changes” to become a fully licensed and compliant cryptocurrency exchange. “We’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places,” Zhao said.
The exchange noted in Monday’s announcement:
The Bahrain development demonstrates Binance’s strong commitment to the Middle East and North Africa region.
How do you feel about Binance getting approval from Bahrain? Are they planning to be a central crypto exchange? Comment below.
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