Binance has received in-principle approval from the Central Bank of Bahrain to operate a cryptocurrency service provider in the country. The license is part of Binance’s “plans to become a fully-regulated centralized cryptocurrency exchange,” the crypto exchange detailed.
Binance Receives In-Principle Approval in Bahrain
Crypto exchange Binance announced Monday that it has “received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain.” The company explained:
The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.
Receiving in-principle approval means that Binance still needs to complete the full application process, which the company expects to be done “in due course,” the announcement notes.
According to the crypto exchange, the CBB is the “first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity.”
Binance CEO Changpeng Zhao (CZ) commented, “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
Over the past months, Binance has been scrutinized by a number of regulators worldwide, including in the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
In August, Binance said it is making regulatory compliance a top priority. The company is moving from a decentralized business model to a centralized one, as it pivots from a technology company to a financial services company.
In early December, Binance revealed that it is making “substantial changes” to become a fully licensed and compliant cryptocurrency exchange. “We’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places,” Zhao said.
The exchange noted in Monday’s announcement:
The Bahrain development demonstrates Binance’s strong commitment to the Middle East and North Africa region.
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