Crypto Exchange Binance receives approval in Bahrain – Plans to be regulated, centralized worldwide – Regulation Bitcoin News
Binance has received approval in principle from the Central Bank of Bahrain to operate a provider of cryptocurrency services in the country. The license is part of Binance’s “plans to become a fully regulated centralized cryptocurrency exchange,” the cryptocurrency exchange described.
Binance receives approval in principle in Bahrain
Cryptexchange Binance announced on Monday that it has “received approval in principle from the Central Bank of Bahrain (CBB) to establish itself as a provider of crypto-active services in the Kingdom of Bahrain.”[ads1]; The company explained:
The approval in principle comes after Binance applied for a license from CBB as part of their plans to become a fully regulated centralized cryptocurrency exchange.
Receiving approval in principle means that Binance still needs to complete the entire application process, something the company expects will be done “in a timely manner”, it is noted in the announcement.
According to the crypto exchange, CBB is the “first regulator in the Middle East North Africa (MENA) region to grant a principal approval to a Binance entity.”
Binance chief Changpeng Zhao (CZ) commented: “The approval recognizes Binance’s commitment to comply with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
In recent months, Binance has been scrutinized by a number of regulators around the world, including the United States, the United Kingdom, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey and Lithuania. .
In August, Binance said it makes compliance a top priority. The company goes from a decentralized business model to a centralized one, as it goes from a technology company to a finance company.
In early December, Binance revealed that they were making “significant changes” to become a fully licensed and compatible cryptocurrency exchange. “We are in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places,” Zhao said.
The stock exchange noted in Monday’s announcement:
Bahrain developments show Binance’s strong commitment to the Middle East and the North Africa region.
What do you think about Binance getting approval in Bahrain and planning to become a centralized crypto exchange? Let us know in the comments section below.
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