The world's largest cryptocurrency exchange Binance announced this week that it has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB).
This represents Binance’s first license as a crypto-asset provider in the Cooperation Council for the Arab States of the Gulf (GCC).
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. 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,” said Changpeng Zhao, founder and CEO of Binance.
“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.”
Binance is also building its presence in the United Arab Emirates.
In December it said it was working with Dubai World Trade Centre (DWTC) to help set up an international virtual asset ecosystem there and assist with the development of virtual asset regulations.
Dubai last week adopted its first law governing virtual assets and established a regulator to oversee the sector.
