Binance has received general approval from the Bahrain Central Bank to operate a cryptocurrency service provider in the country. The license is part of Binance’s “plans to become a fully regulated central cryptocurrency exchange,” which cryptocurrency exchange has detailed.
Binance receives general approval in Bahrain
The crypto exchange Binance announced on Monday that it has “received the approval in principle from the Central Bank of Bahrain (CBB) to establish itself as a crypto asset service provider in the Kingdom of Bahrain”. The company stated:
The approval in principle comes after Binance applies for a license from the CBB as part of its plans to become a fully regulated centralized cryptocurrency exchange.
Receiving the fundamental approval means that Binance has yet to complete the full application process that the company expects to be carried out “in due course,” the announcement said.
According to the crypto exchange, the CBB is the “first regulatory authority in the Middle East North Africa (MENA) region to grant a Binance company basic approval”.
Changpeng Zhao (CZ), CEO of Binance, commented: “The approval recognizes Binance’s commitment to fully complying with regulatory requirements and anchoring our broader commitment, operations and activities in Bahrain.”
In the past few months, Binance has been audited by a number of regulators around the world, including the US, UK, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey and Lithuania.
In August, Binance announced that regulatory compliance is a top priority. The company is moving from a decentralized to a centralized business model as it moves from a technology company to a financial services company.
Early December, Binance revealed that it is making “significant changes” to become a fully licensed and compliant cryptocurrency exchange. “We are in the process of establishing real offices, legal entities, a proper board of directors and appropriate governance structures in most places,” said Zhao.
The exchange stated in Monday’s announcement:
The development in Bahrain shows Binance’s strong commitment to the Middle East and the North Africa region.
What do you think of Binance getting approved in Bahrain and planning to become a centralized crypto exchange? Let us know in the comment section below.
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Source: Crypto News Austria