Binance has gained a crypto service provider license in Bahrain. It is a landmark achievement for the exchange and the first in the GCC gulf region. CEO and founder Changpeng Zhao said it demonstrates their commitment to becoming a compliance-first crypt asset exchange.
Zhao added the license issued by the Central Bank of Bahrain is a milestone for them as they are striving to become fully licensed across the world in the future.
Thanking his team in Bahrain, the key person in Binance added that the achievement is due to the visionary leadership of the country including Prince Salman.
The Binance team in Bahrain is learned to have shown ample foresight in the crypto regulations development and simultaneously providing regulatory protections to consumers.
The chief mentioned further that he is proud of his Team Bahrain in meeting the criteria put forward by the CBB. The team ensured meeting the requirements as well as protecting the users with respect to anti-money laundering along with countering terror funding policies.
With the acquired license, the exchange can now provide trading services to clients in the country under the regulations and supervision of the regulatory body.
CBB Governor Rasheed Al Maraj said the key objective of the bank is to align developing regulations with that of global trends amid working with industry leaders and partners to enable innovation as well as best practices in Bahrain.
Bahrain Economic Development Board chief Khalid Humaidan said that Team Bahrain has come up with a standardized infrastructure to support the fast growth of blockchain technology in the country along with developing robust regulations. The Binance collaboration is a part of Bahrain's mission to make the country an international business hub.
The economy of Bahrain is growing at the fastest pace in the Arab world and it is the 12th freest in the Middle East. The regional boom in the demand for oil has benefitted the banking and financial sector.
Petroleum is the most exported product of Bahrain and accounts for about 70 percent of the revenues of the government. It accounts for 11 percent of the country's GDP. The second most exported product is aluminum and it is followed by the finance and construction sectors.
Binance was founded in 2017 by Yi He and Changpeng Zhao and registered in the Cayman Islands It is the largest cryptocurrency exchange in the world with respect to the daily trading volume.
The exchange donated about $10 million to Ukraine in February 2022 for humanitarian needs amid the Russian invasion of Ukraine that was initiated on February 24. The conflict between the countries has stepped into the second month.