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HomeCrypto NewsCrypto Exchange Binance Approved in Bahrain -- Plans to Be Regulated, Centralized...

Crypto Exchange Binance Approved in Bahrain — Plans to Be Regulated, Centralized Worldwide

Binance received in-principle approval by the Central Bank of Bahrain for the operation of a cryptocurrency service provider within the country. Binance has received the license as part of its “plans to be a fully-regulated central cryptocurrency exchange,” according to the detailed crypto exchange.

In-Principle Approval for Binance in Bahrain
Binance, a cryptocurrency exchange, announced Monday that it had received in-principle approval by the Central Bank of Bahrain to be a provider of crypto-asset services in the Kingdom of Bahrain.

Binance had applied to the CBB for a license in order to be a fully-regulated, central cryptocurrency exchange.

Binance has not yet received in-principle approval, but the company anticipates that it will complete the entire application process “in due time,” according to the announcement.

According to the cryptocurrency exchange, the CBB was the “first regulator in Middle East North Africa (MENA), to grant an in principle approval to a Binance entity.”

Changpeng Zhao, Binance CEO (CZ), commented that “The approval recognizes Binance‚Äôs commitment to fully comply with regulatory requirements as well as our larger commitment to anchor operations in Bahrain.”

Binance has been under scrutiny by many regulators around the world over the past few months. These include the U.S. and U.K, South Africa, Australia and Norway, South Africa, South Africa, Australia, Norway. South Africa, Australia, Norway. South Africa. Hong Kong. Germany. Italy, India. Malaysia. Singapore. Turkey.

Binance stated in August that regulatory compliance is a top priority. As it transitions from being a technology company into a financial services firm, Binance is shifting from a decentralized model to one that is more centralized.

Binance announced in December that it was making “substantial” changes to become a fully licensed, compliant cryptocurrency exchange. Zhao stated that Binance is currently setting up legal entities and offices.

Monday’s announcement noted that the exchange:

Binance’s strong commitment towards the Middle East and North Africa regions is evident in the Bahrain development.

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What do you think of Binance getting approval in Bahrain to start a central crypto exchange? Please leave your comments below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock. Pixabay. Wiki Commons.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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