Bahrain Grants Binance Crypto Asset Service Provider License
Crypto exchange and crypto infrastructure provider Binance has obtained a license from the Central Bank of Bahrain (CBB) that allows it to operate in the country, providing services including crypto trading, custody, and portfolio management services to Bahraini customers.
The achievement for Binance represents its first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) and indicates that it is committed for being regulated in the region.
Binance was granted in-principal approval for the license in December, but was required to complete the full application process before being awarded the full license.
Changpeng Zhao (CZ), the founder and CEO of Binance, commented:
“The license from 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 HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement. 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.
I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”
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.
HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain, said:
“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.”
In 2021, Binance came under fire from regulators in a number of countries, including the United States, United Kingdom and Canada. As a result Binance started planning to be regulated everywhere.
