World’s leading crypto exchange 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. If the Bahrain application is approved, it will be Binance’s first regulatory approval in the Middle East and North Africa region.
According to a press release, this approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.
“Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption,” said Changpeng “CZ” Zhao, founder and CEO of Binance. “The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”
The in-principle approval from Bahrain’s regulator still requires Binance to complete the full application process, which is expected to be completed soon.
“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,” Zhao added.
The move from the CBB makes it the first regulator in the Middle East and North Africa (MENA) region to grant in-principle approval to a Binance entity, demonstrating the Kingdom of Bahrain’s global leadership in crypto regulation.
This development also demonstrates Binance’s strong commitment to the MENA region. Recently, the world’s biggest crypto exchange appointed Richard Teng, a former Binance Singapore CEO, as the global entity’s head for the Middle East and North Africa.
Earlier in December, Binance signed a cooperation agreement between Binance and the Dubai World Trade Centre (DWTC) that will aid Dubai in establishing a new international virtual asset ecosystem, generating long-term economic growth through digital innovation.