Binance, the world leader in blockchain and cryptocurrency infrastructure, has received approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. The "in-principle" approval comes after Binance applied for a license from CBB as part of its plans to become a fully regulated centralized cryptocurrency exchange.
The words of its founder
Changpeng Zhao (CZ), founder and CEO of Binance, said: “Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help improve further mass adoption. CBB has been a progressive pioneer in developing a robust framework for cryptocurrencies that focuses on compliance with global anti-money laundering, anti-terror financing, transaction monitoring, consumer protection standards among others. It sets a benchmark that connects traditional financial systems and the cryptocurrency industry to facilitate safe adoption and dissemination. "
The in-principle approval of the Central Bank of Bahrain still requires Binance to complete the entire application process, which should be completed in due course.
CZ added: “The Central Bank of Bahrain has shown leadership and foresight in addressing cryptocurrencies as a future asset class. I am grateful for the support of the Central Bank of Bahrain and the wider Bahrani ecosystem during the process. The approval acknowledges Binance's commitment to fully comply with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain. ”
Not just Binance to trade crypto-assets
The move by the Central Bank of Bahrain makes it the first regulator in the Middle East and North Africa (MENA) region to grant broad approval to a Binance entity, demonstrating the Kingdom of Bahrain's global leadership in Fintech regulation.
Bahrain's development demonstrates Binance's strong commitment to the Middle East and North Africa region. In early December, Binance announced the signing of a cooperation agreement between Binance and the Dubai World Trade Center to help promote Dubai's commitment to establishing a new international virtual asset ecosystem that will generate long-term economic growth. through digital innovation.
Of course, those who don't feel ready to use Binance to trade cryptocurrencies yet can do so with easier-to-use platforms. Bitcoin Pro, for example, it is a platform designed for beginners, which allows you to trade the main cryptocurrencies, even in demo mode to practice. Furthermore, the minimum initial investment required for online trading is much more affordable than the competition.
