Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, announced that it has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB).
The license will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.
Binance said that this is its first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) and “demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region”.
The firm will be setting up its global headquarters in Dubai soon.
Changpeng Zhao (CZ), Founder and CEO of Binance said,
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.
I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”
HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain commented,
“Developing regulations aligned with global trends is a key objective for us at the CBB.
We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”