Bahrain’s central bank has licensed Binance to offer regulated cryptocurrency services in the Middle Eastern country, including trading, portfolio management, and custody.
The license was offered via the Cooperation Council for the Arab States of the Gulf and made public on March 14.
The greenlight allows the crypto firm to advance its expansion efforts in the jurisdiction within the local guidelines.
Bahrain’s national bank governor, Rasheed Al Maraj, notes that the bank was creating regulations in line with the global trends to enhance innovation.
The step by CBB places it ahead of Dubai in the race to establish a crypto hub in the region. Dubai does not currently allow crypto exchanges to offer its residents services.
Binance CEO recently noted that he wanted the firm to mark and channel investments in traditional businesses in each economic sector globally with integration to crypto.
The Changpeng Zhao-led exchange received permission for an in-principal approval to operate in Bahrain in December last year.
#TeamBahrain.#Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain. pic.twitter.com/Ndnb4xhA5y— CZ 🔶 Binance (@cz_binance) March 14, 2022