Binance to explore Bahrain shores with an official license

Sahana Kiran
Source – Unsplash

The world’s largest cryptocurrency exchange, Binance endured immense backlash from regulators across the globe in 2021. The platform was reprimanded by the majority of these agencies for operating without a license. With the onset of 2022, the crypto exchange was making things right. As a result, it went on to attain its very first license in the Middle East and North Africa [MENA] region.

In a recent blog post, Binance pointed out that the Central Bank of Bahrain [CBB] had granted the exchange a crypto-asset service provider license. The exchange was able to obtain preliminary clearance for the license as early as December. The crypto platform, on the other hand, was required to complete the entire application procedure in order to obtain a legal license.

Source: Twitter

With the latest license, Binance will be allowed to provide an array of crypto-related services like trading, custodial services as well as portfolio management. Further expressing gratitude towards the Bahraini officials, Changpeng Zhao aka CZ, the CEO of Binance stated,

“The license from Bahrain is a milestone in our journey to being fully licensed and regulated 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.”

Binance to set up headquarters in Bahrain?

Despite the fact that it began as an industry free of government and centralized entity restrictions, the crypto market was forced to follow them. Binance has been ejected from key markets. Even its own headquarters area sanctioned the exchange.

Everyone could see Binance’s itinerant lifestyle. From China to the Cayman Islands to Bahrain, perhaps? Binance has been hunting for a place to call home since the Cayman Islands decided to kick it out. The stringent regulations, on the other hand, have made it tough.

The CEO of the Bahrain Economic Development Board [EDB], Khalid Humaidan intended to establish the Kingdom of Bahrain as a leading business hub. Therefore, the chances of Binance settling down in Bahrain were considerably high.