Binance receives nod of approval
Binance Holdings Ltd. has received in-principle approval from the Central Bank of Bahrain to operate as a crypto-asset service provider in Bahrain, the company said in a blog post. Changpeng "CZ" Zhao, chief executive officer of Binance, explained that the company is currently working through the entire application process, adding that the project will be completed "in due course."Changpeng "CZ" Zhao also stated that "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."
Bahrain is seeking to strengthen its crypto industry
In 2021, Binance attracted the attention of regulators around the world. Many stated that Binance was not allowed to conduct business in their countries. This prompted the company to hire staff to boost its compliance activities and said it planned to apply for official approval in some countries. This latest move by Binance shows that the company is increasingly focusing on the Middle East. Officials had already met with UAE authorities in recent months to discuss the possibility of establishing a headquarters in the country.Bahrain was a pioneer in the use of digital assets. In 2019, Rain Financial Inc. became the region's first licensed crypto-asset platform after receiving approval from the kingdom's central bank to begin operations in the country. It was followed by CoinMENA, which received another license from Bahrain's monetary authorities earlier this year.
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