Cryptocurrency exchange Binance has been awarded a category 4 license by the Central Bank of Bahrain, which will see it become the first cryptocurrency exchange to offer full-scale service.
Binance Bahrain received a preliminary license in December, and a complete license in March after the exchange faced a crackdown in multiple countries, including the U.K. and Japan.
The exchange, ranked as the largest cryptocurrency exchange by volume, has increased its operations in the Middle East. Binance welcomes the step as an opportunity for it to enable users to increase the freedom of money globally.
The head of MENA at Binance, Richard Teng, says that the upgrade to a category 4 license in Bahrain is a notable achievement for the exchange and shows its steps to becoming a compliance-first exchange. The executive added that the Kingdom of Bahrain was on track to becoming a global crypto hub.