The global crypto exchange giant, Binance announced on Tuesday that it has received a crypto-asset service provider license from the Central Bank of Bahrain (CBB). It arrived more than a couple of months after the exchange received in-principal approval for the license.
With the new license, Binance can provide crypto-asset trading, custodial services and portfolio management to customers. All of these services will be offered under the supervision of the Bahrain regulator.
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” said Binance’s Founder and CEO, Changpeng Zhao.
Binance already received the preliminary license approval in December, but it needed to complete the application process for gaining the full license.
“Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world,” Zhao added.
Changing Business Approach
Founded in 2017, Binance has turned into a global mammoth without gaining any proper license in any jurisdiction. It mostly offered crypto-to-crypto trading and on-ramp fiats with third-party partnerships in some countries.
But, the ambitions of the exchange took a hit last year when regulators after regulators started issuing warnings against Binance for illegally offering services. The exchange was even forced to shut some of its services.
Now, Binance is focused to make amends with the regulators and is in the process of establishing a headquarters for its global operations.
“I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies,” Zhao said.
The CEO of Bahrain Economic Development Board, Khalid Humaidan said: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations.… Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”
