Binance gets full operation license in Bahrain

The Central Bank of Bahrain (CBB) has granted Binance, the largest global crypto exchange, a Category 4 license to operate as a crypto-asset service provider (CASP). The license allows it to offer a full-suite of crypto exchange services in Bahrain. Meanwhile, Binance will also be aiding Kazakhstan in the creation of a regional blockchain hub.

This news came via the Binance website on May 26. Binance is the first crypto exchange to secure the Category 4 license from the CBB. Earlier on, it received a preliminary license in December last year.

According to a company statement, the license allows it to offer a full-suite of crypto exchange services in Bahrain. Binance Bahrain is the first exchange to be granted a category 4 license by the CBB.

“The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange,” said Richard Teng, head of MENA at Binance.

The Category 4 license will allow Binance Bahrain to provide a full range of crypto-asset exchange services to customers under the supervision of the Bahrain regulators.

Earlier last December, Binance signed a cooperation deal with Dubai World Trade Centre Authority (DWTCA), working on setting up an international virtual asset ecosystem. This government-backed Dubai project aims to set up an attractive environment for the crypto industry.

Meanwhile, Binance will also be aiding Kazakhstan in drafting crypto-related laws. This news comes after the meeting between Binance CEO Changpeng Zhao and Kazakhstan President Kassym-Zhomart Tokayev.

Under the agreement, the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan and Binance will also seek opportunities to incorporate banking infrastructure within the crypto market and manage the development and implementation of blockchain technology. The Ministry and Binance will also support Astana Hub among local and international talent, which will allow the creation of a regional blockchain hub.