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Binance, the largest cryptocurrency exchange platform globally by trading volumes, has received an operating license in Bahrain. Bahrain is one of the largest oil producers globally, and through this move, it seeks to cement its presence in the buzzing cryptocurrency sector.
Through this license, Binance seeks to provide a wide range of services such as cryptocurrency trading, custody services and portfolio management. This will allow the exchange to boost its presence in the region.
Binance receives a license from Bahrain
This is the first license that BINANCE has received in the Middle East/North Africa (MENA) region. Before getting the license, Binance was already operating in Bahrain through a preliminary approval. The preliminary approval license was issued in December, and it granted Binance the ability to offer crypto-related services in Bahrain as it awaited the full license.
In a press statement, the CEO of Binance, Changpeng Zhao noted,
The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.
In 2021, Binance faced a lot of regulatory scrutiny from various regulators. It received warnings in Japan, Thailand and the United Kingdom. It was also forced to halt its services in Singapore.
“Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations… Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub,” said Khalid Humaidan, the CEO of Bahrain Economic Development Board.
Binance could apply for a Dubai license
Last year, it was reported that Binance was seeking to set up its global headquarters in Dubai. The crypto regulatory framework in Dubai has shifted, with the DWTCA free zone already allowing businesses that offer crypto-related services.
A recent report from Bloomberg cited an official familiar with the matter, who stated that the exchange was seeking to be accredited in the Dubai World Trade Centre free zone as a crypto service provider.
Dubai recently approved a law that governs the operations of virtual assets. Zhao noted that this law was a major step forward in cementing Dubai’s future in crypto.
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