Binance, the global cryptocurrency exchange giant, announced today, Tuesday, that it has obtained a license allowing it to provide cryptocurrency services from the Central Bank of Bahrain (CBB).
It is worth noting that Binance has previously obtained the initial approval from the Central Bank of Bahrain, which we previously discussed in a previous article on Arab Bitcoin:
Cryptocurrency exchange Binance gets regulatory approval from the Central Bank of Bahrain
With the new license, Binance can provide cryptocurrency trading, custody services, and digital wallet management to clients.
All these services will be provided under the supervision of the regulatory authority in Bahrain.
Changpeng Zhao, founder and CEO of Binance, said:
Licensing from Bahrain is a milestone in our journey towards obtaining a full and regulated license worldwide.
Binance already received initial approval in December, but needed to complete the application process for the full license.
CZ added:
The Bahrain team has shown a great deal of dimension in developing crypto regulations and providing the regulatory protection that consumers should expect from regulators around the world.
Binance and business approach change:
Founded in 2017, Binance has grown into a global giant without obtaining any proper license in any jurisdiction in which it has been operating.
This made it vulnerable to escalating attacks from legal and regulatory authorities around the world.
This made Binance's ambitions hurt, especially last year when regulators began issuing warnings against Binance for illegally offering its services.
Even Binance had to shut down some of its services.
Now, Binance is focusing on making adjustments, aligning its business with regulators, and is also currently in the process of establishing a headquarters for its global operations.
Khaled Humaidan, CEO of the Bahrain Economic Development Board, said:
I am proud of the hard work the Binance team has done to meet the stringent standards of the Central Bank of Bahrain, not only locally but globally by ensuring that regulators’ requirements are met and users are protected through robust anti-money laundering and anti-terrorist financing policies.
The Bahrain team has built a world-class infrastructure to support the fast-growing crypto and blockchain industry, with strong regulations.
Cooperating with industry leaders such as Binance will further advance our mission to establish the Kingdom of Bahrain as a leading business hub.
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