Thanks to the license granted by the central bank of Bahrain, the world’s leading crypto exchange platform, Binance will now provide totally regulated services in the first middle eastern country in their domain.
With the help of the Cooperation Council for the Arab States of the Gulf (GCC), Bahrain has been able to endow the license to Binance, which is arguably the world’s largest cryptocurrency exchange platform, in addition to the ecosystem they are providing. The CEO of Binance, Changpeng Zhao, made the announcement on Monday regarding the crypto-asset provider license.
The new license acquired by Binance authorizes the crypto exchange platform to provide crypto-related services, including portfolio and custody management, trading, staking and more. Last December, the company had received an in-principal authorization to conduct its operation in Bahrain, and that authorization has now become a full-grown license.
The Governor Central Bank of Bahrain (CBB), Rasheed Al Maraj said that the bank was evolving the regulation according to the global trends, and that resulted in better practices in addition to enabling innovation.
With the help of the license, Binance can now expand its effort worldwide while respecting the local regulations. Changpeng Zhao, last week commented saying that Binance wants to invest themselves in traditional businesses in each and every country worldwide with the intention of trying them with cryptocurrency. Even though Bahrain is a small country, it has been particularly very crypto-friendly than other countries and nations in the middle east. The crypto payment system of JP Morgan, Onyx has been successfully tried through the Central Bank of Bahrain (CBB) in January.