Binance gets the first Gulf crypto license in Bahrain.
Dubai: Bahrain’s central bank has granted Binance, the world’s largest cryptocurrency exchange, a crypto-asset service provider license, the first of its kind in the Gulf Cooperation Council (GCC), the business and the bank announced on Tuesday.
In a joint statement with Bahraini authorities, Binance Chief Executive Officer CEO Changpeng Zhao said, “The license from Bahrain is a milestone in our road to becoming completely licensed and regulated around the world.”
“Strong anti-money laundering and counter-terrorism financing procedures” will protect users.
Binance has been targeted by financial regulators worldwide, with some blocking the platform from specific operations and others notifying users that it is not licensed to operate in their jurisdictions.
According to the announcement, the license allows for crypto-asset trading, custodial services, and portfolio management.
Binance is also expanding its foothold in the United Arab Emirates, a Gulf neighbor.
It announced in December that it was collaborating with the Dubai World Trade Centre (DWTC) to help establish an international virtual asset ecosystem and assist with the creation of virtual asset legislation in the UAE.
Last Monday, Dubai, one of the seven emirates of the United Arab Emirates, passed its first law governing virtual assets and formed a regulator to regulate the industry.
Eric is a professional news editor, writer, and blogger for the last 10 years. He is working with NewsGater as an off-beat news editor cum writer.