Central Bank of Bahrain got an award from Crypto exchange Binance, a company’s license to operate in a country. They also provide services in which they provide crypto trading, custody, and portfolio management services to Bahraini customers. 

• Binance’s first license in the Middle East/North Africa (MENA) region.
• The founder and CEO of Binance, ”Changpeng Zhao”, wrote during a press announcement that “the license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.
• Binance was permitted with preliminary approval for the license in December last year but was needed to complete the full application process before being awarded the full license. 
• Last year, Binance came into the fire from regulations in several countries, including the United Kingdom and Japan. 
• However, the oil-rich Kingdom of Bahrain seems to regard Binance in a more positive light and sees the license as a step in the right direction for its nascent crypto industry.
• Khalid Humaidan, the Bahrain Economic Development Board CEO, stated that “Team of Bahrain has invented a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. Teaming up with the industry leaders such as Binance will further enhance our mission to establish the kingdom of Bahrain as a leading business hub. 

One of the companies of Bahrain, “Binance Holdings Ltd.” has received licenses to be a crypto service provider in Dubai as well as in Bahrain, which is also a vital milestone for the world’s largest digital asset exchange. It decorated the stage with a significant push in the Middle East. 

Binance is the first anchor in Dubai World Trade Centre, who got the license, an economic free zone, a person familiar with the matter said. It also won Bahrain’s central bank license to be a crypto-asset service provider in the kingdom, Chief Executive Officer Changpeng Zhao tweeted. The pair of grants marked the exchange’s first regulatory approvals in the Middle East region. 

As per the reports, Binance moves underscores its high focus on the Middle East, and it was founded in China in 2017 but exiled from the country during its crypto crackdown. Binance has faced regulatory probes globally. Bloomberg News has reported that its executives have been talking with regulators in the United Arab Emirates about setting a potential headquarters. 

#TeamBahrain.#Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain. pic.twitter.com/Ndnb4xhA5y

— CZ 🔶 Binance (@cz_binance) March 14, 2022