Government welcomes approval of Binance Bahrain for full range of crypto exchange services

TDT | Manama      

The Daily Tribune – www.newsofbahrain.com

The Government of Bahrain has welcomed the decision of the Central Bank of Bahrain to issue a Category 4 licence to Binance Bahrain as a crypto-asset service provider, a first for the Kingdom, enabling the exchange platform to provide a full-suite of crypto exchange services it has available in Bahrain.

The Category 4 licence approval is a significant upgrade from an initial licence granted to Binance in March of this year, the firm’s first such license in the GCC.

In addition to the rights to providing crypto trading, custodial, and portfolio management services in the Kingdom, new services that will be available on the licenced Binance platform include:

•  Futures

•  Spot Trading

•  Initial Coin Offering

•  Initial Exchange Offering

The Central Bank of Bahrain, as the Kingdom’s sole regulator, will ensure that service providers meet strict requirements on money laundering and terrorist financing, to protect platform and service users. It has an efficient regulatory framework applied to all financial services entities operating in Bahrain, whether they are providing crypto-services, or those within conventional banking, insurance, investment business and capital market activities.

The Chief Executive of the Bahrain Economic Development Board, His Excellency Khalid Humaidan, said:

“The international appetite for crypto-services remains strong, and this licence approval confirms Bahrain’s place as a leading hub for cryptocurrency exchange services, not just in the region but globally.

“Complementing the Kingdom’s established and trusted world class infrastructure to support the blockchain and crypto industry, is a young, enthusiastic, well educated, and talented workforce - with skills ready made for the jobs of the future.

"Projects such as Bahrain’s Fintech Bay and Citi Global Technology Hub are already bringing exciting new opportunities to the Kingdom, and Government reforms are creating an environment in which businesses and talent will thrive, in a truly diversified economy. The growth of regulated crypto-services in Bahrain is wholly consistent with Kingdom’s confidence, ambition and vision.”