Binance gets 1st crypto license in Bahrain amidst Middle East expansion

Binance gets 1st crypto license in Bahrain amidst Middle East expansion

Binance, the world’s largest cryptocurrency exchange, has recently said that it has been given a license for operating as a crypto asset service provider in Bahrain, solidifying the firm’s presence in the Middle East as its trading platform undergoes escalating assessment from financial regulators elsewhere.

Changpeng Zhao, CEO and co-founder of Binance, said that the license from Bahrain is a crucial achievement in the journey of being fully licensed and regulated around the world.

The firm is pleased with the hard work of its team for fulfilling the strict criteria of the Central Bank of Bahrain, not just domestically but globally, by confirming that it meets and exceeds the requirements of regulators and safeguards users with counter-terrorism financing and strong anti-money laundering policies.

According to Binance, the license was the firm’s first of its kind in the Gulf states. It added that the supervisory green light would empower Binance to offer customers crypto asset trading, portfolio management, and custodian services.

Binance, a Cayman Islands-registered firm, has been moving its focus in the Middle East. Its huge crypto trading unit entices scrutiny from regulators in at least 12 other jurisdictions, primarily focused on concerns in the firm’s investment risks and anti-money laundering practices posed to traders.

Last week, Britain’s financial regulator said that it is short of the powers of accessing the fitness & propriety of the new beneficial owner of Digivault after Eqonex, its Singapore-based parent company, entered into a collaboration with the payments division of Binance.

The Financial Conduct Authority (FCA), which issued notices to the exchange for functioning without permission last year, said that its concerns over Binance are still to be addressed.

Earlier in December, Binance had signed a deal with the Dubai World Trade Centre, with an aim to establish an international virtual asset ecosystem and advocate the development of crypto regulations in the UAE.

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