Binance gets in-principle approval from the Central Bank of Bahrain (CBB) to become a crypto-asset service provider in the Kingdom.
Binance stated that the in-principle authorization came after the company had written to apply for a license from the CBB as part of its efforts to become a fully regulated centralized crypto exchange.
Changpeng Zhao (CZ), founder and CEO of Binance, stated that recognition and approval from national regulators, such as CBB, are critical in building trust in crypto and blockchain and help boost mass adoption.
Zhao further acknowledged that CBB has been a progressive pioneer in promoting a robust crypto-asset framework focused on compliance with global standards of anti-money laundering and consumer protection.
The move from CBB makes it the first regulator in the Gulf region to allow in-principle approval to a Binance entity.
Binance is yet to finalize the full application process. The company further stated that they expect the complete process to be completed in due course.
Source: PR Newswire