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Binance Confirmed as Crypto Service Provider in the Kingdom of Bahrain

Binance continues to expand it’s global reach after securing a license for crypto-assets in the Kingdom of Bahrain thus increasing access to the Arabian Gulf states.

Binance Heads to Bahrain

Global cryptocurrency exchange Binance has been granted a license to operate as a crypto-asset provider in the Kingdom of Bahrain. 

Binance announced the news on their blog and Twitter on March 14, citing the license was given to them by the Central Bank of Bahrain (CBB). The license is the first for Bahrain to operate in the region under The Cooperation Council for the Arab States of the Gulf (GCC). 

“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world”, says Changpeng Zhao (CZ), founder and CEO of Binance. “I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work facilitating this achievement.”

HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain added: “developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices”. 

The license will allow Binance to provide users with options for trading, custodial services, and portfolio management.

“Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors," commented Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB).

This is yet another update in Binance’s global expansion after recently launching Bifinity, a fiat-to-crypto payment platform for merchants and businesses. You can read more about Bifinity here. Binance has also been rumored to be seeking licensure in Dubai as well.

Binance also recently signed a Memorandum of Understanding (MOU) to potentially purchase Sim;paul.  The organization is a Brazilian securities brokerage firm that is authorized by the Central Bank of Brazil and the Securities and Exchange Commission (CVM).

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