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Binance has obtained approval in principle from the Central Bank of Bahrain to operate a cryptocurrency service provider in the country. The license is part of Binance’s “plan to become a fully regulated centralized cryptocurrency exchange,” the cryptocurrency exchange details.
Binance receives approval in principle in Bahrain
Cryptocurrency exchange Binance announced on Monday that it “has obtained approval in principle from the Central Bank of Bahrain (CBB) to establish itself as a crypto asset service provider in the Kingdom of Bahrain.” The company explained:
Approval in principle is after Binance applied for a license from CBB as part of its plan to become a fully regulated centralized cryptocurrency exchange.
The announcement pointed out that obtaining approval in principle means that Binance still needs to complete the complete application process, which the company expects to complete “in due course.”
According to cryptocurrency exchanges, CBB is “the first regulatory agency in the Middle East and North Africa (MENA) region to approve Binance entities in principle.”
Binance CEO Changpeng Zhao (CZ) commented: “This approval recognizes Binance’s commitment to full compliance with regulatory requirements and our broader commitment to conducting business and activities in Bahrain.”
In the past few months, Binance has been scrutinized by many regulatory agencies 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 stated that compliance is its top priority. As the company shifts from a technology company to a financial services company, the company is shifting from a decentralized business model to a centralized business model.
In early December, Binance disclose It is making “major changes” to become a fully licensed and compliant cryptocurrency exchange. “We are establishing real offices, legal entities, proper boards of directors, and proper governance structures in most places,” Zhao said.
The exchange stated in its announcement on Monday:
The development of Bahrain demonstrates Binance’s firm commitment to the Middle East and North Africa.
What do you think about Binance’s approval in Bahrain and plans to become a centralized cryptocurrency exchange? Please let us know in the comments section below.
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