Crypto exchange Binance gets in-principle nod from Bahrain

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to become a crypto-asset service provider in the kingdom, the company said yesterday.

The move from the Central Bank of Bahrain makes it the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity, demonstrating the Kingdom of Bahrain’s global leadership in Fintech regulation.

Binance, the world’s biggest cryptocurrency exchange by trading volume, said the in-principle approval came after the company applied for a licence from the CBB as part of its plans to become a fully regulated centralised cryptocurrency exchange.

Binance still had to complete the full application process, the company said in a statement, which it said it expected to happen in due course. Changpeng Zhao (CZ), founder and CEO of Binance, said: “Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption.

The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others.  It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”

CZ added: “The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class.  I am grateful for the support from the Central Bank of Bahrain and the broader Bahrani ecosystem during the process. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”