Leading crypto exchanges Binance and FTX recently announced they had received crypto service provider licenses in Bahrain and Dubai, respectively.
Binance Bags Bahrain Crypto Service Provider License
Binance, the world’s largest cryptocurrency trading platform by reported trading volume recently announced it had secured a license from Bahrain’s central bank that will enable it to offer fully-regulated crypto trading services in the Middle East country.
Notably, Bahrain issued the license via the Cooperation Council for the Arab States of the Gulf (GCC). Binance CEO Changpeng Zhao, also known as ‘CZ’ announced the development through a tweet on March 14.
The newly bagged license allows Binance to offer a wide array of crypto services, including trading, custody, and portfolio management for customers in Bahrain. It should be recalled that in December 2021, Binance received an in-principal approval to operate in Bahrain. The approval has now become a full-fledged license.
Commenting on the development, HE Rasheed Al Maraj, the governor of the Central Bank of Bahrain, said the bank was “developing regulations aligned with global trends” that “enable innovation and best practices.”
Similar sentiments were echoed by Khalid Humaidan, CEO of the Bahrain Economic Development Board. He wrote:
“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.”
Recent moves made by Binance indicate the exchange’s desire to become a global entity with business across different corners of the world.