Embattled crypto exchange Binance has received a nod of approval from Bahrain’s central bank amid a push into the Persian Gulf.
The world’s largest cryptocurrency exchange by trading volume said it has received ‘in-principle’ approval from the Central Bank of Bahrain to establish itself as a crypto-asset service provider in the Kingdom.
The announcement means that Binance is a step closer to winning support for one of its business entities in the Middle East North Africa region. The exchange has been deepening its roots in the area as it prepares to set up a global headquarters.
Earlier this week Binance reached an agreement with Dubai’s commercial authorities to look at creating a global hub for the cryptocurrency industry. Changpeng Zhao, the chief executive of Binance, signed a ‘memorandum of understanding’ with the city’s World Trade Centre Authority laying the groundwork for discussions.
Zhao’s pivot towards working with regulators comes after a tough year for the company.
In June the UK’s financial watchdog issued a warning about Binance on its website because the company was offering financial services to customers without proper permissions. It later accused the crypto exchange of failing to provide basic information to regulators.
Binance was then hit with similar warnings from Japan and Holland before Italy and the Cayman Islands declared the exchange would not be licensed.