Binance has received approval from the Central Bank of Bahrain (CBB) to work as a cryptocurrency service provider.
#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
Binance announced that Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider. It is the first regulator in the Middle East North Africa (MENA) to grant in-principle approval to the Binance entity.
“Binance 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 in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.”
Binance founder and CEO, Changpeng Zhao said:
“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. I am grateful for the support from the Central Bank of Bahrain and the broader Bahrani ecosystem during the process. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
Binance earned another attainment and got ‘Binance Canada Capital Markets’ approved in Canada as a money services provider. It is an MSB license, including a virtual currency dealing business.
Boxing day. 🇨🇦 https://t.co/XmnyQIODLT
— CZ 🔶 Binance (@cz_binance) December 27, 2021
In November, the exchange published the 10 Fundamental Rights of Crypto Users as a basis for developing cryptocurrency regulation.
Most recently, in December, After the announcement that the Dubai World Trade Center will become a comprehensive zone and regulator for cryptocurrencies, Binance signed a Memorandum of Understanding with the DWTC Administration in order to create a crypto industry hub in the emirate.