Binance exchange is on the way to receiving its first regulatory approval in Bahrain to provide crypto services.
Binance is a top crypto exchange of the crypto industry and this exchange is known for its pro-level crypto services globally. This year, this exchange faced many types of legal scrutiny issues, but still, the exchange tried its best to fight against the issues raised by the global financial regulators.
In the latest, Binance exchange confirmed that its Binance Holdings Limited is almost ready to receive regulatory approval from the Central Bank of Bahrain.
However officially, Binance didn’t receive the license to operate its crypto business but almost all the necessary requirements has been completed. And only everything is just a matter of formalities.
Changpeng Zhao, CEO of Binance Exchange, stated that they are working to follow the procedure to apply perfectly and also claimed that they will complete it in due course.
“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. I am grateful for the support from the Central Bank of Bahrain and the broader Bahrani ecosystem during the process. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
The director for licensing at the country’s central bank, Abdulla Haji, stated on this matter and ensured that Binance is fully able to get the license because the exchange completed all the guidelines and provisions to follow the rules. And the rest of the work is just part of formalities.
In the last few years, Bahrain showed that it is going toward the adoption of digital innovations. In 2019, Bahrain got its first fully UK’ licensed digital assets services-based company Rain Financial Inc.
This move of the Binance exchange is a clear Indication that Binance is trying to expand its crypto services to the Middle East.