Binance granted crypto licence in Bahrain
Binance, one of the world’s biggest cryptocurrency exchanges, has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB).
The landmark achievement for Binance represents its first licence as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC).
Changpeng Zhao (CZ), founder and CEO of Binance, said the licence demonstrates the company’s commitment to being a compliance-first exchange.
“The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” he said.
“I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement.
“Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.
“I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”
The crypto-asset license will allow Binance to provide trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.
Rasheed Al Maraj, Governor of the Central Bank of Bahrain said: “Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB) added: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors. Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”