Starting today, Binance has the approval of the Central Bank of Bahrain to operate in the country. Mashallah!
This represents the first time that Binance received approval to function in the Middle East region.
It is known that the exchange wants to increase its operations in the area, plans which include the creation of its headquarters in Dubai. Binance is working with the Dubai World Trade Centre Authority for the needed developments regarding the crypto regulatory framework.
The approval from Bahrain means that Binance can offer custodial services, crypto-asset trading, and portfolio management to those who fall under the rule of Bahrain regulators.
In 2021, Binance had to deal with regulatory issues in several countries, including Germany, Japan, and the UK, but Bahrain believes this represents a correct step for its regulatory framework in supporting innovation.
The Governor of the Central Bank of Bahrain, HE Rasheed Al Maraj, declared:
“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.”