The Central Bank of Bahrain gave crypto exchange Binance the green light to operate in the country today.
The crypto-asset service provider license marks Binance's first regulatory approval in the Middle East. It's reportedly looking to increase its operations in the region, including setting up a headquarters in neighboring Dubai, according to Bloomberg. The exchange has been assisting the Dubai World Trade Centre Authority with the development of its crypto regulatory framework.
Bahrain's crypto-asset service provider license allows firms to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators. Though Binance has faced regulatory scrutiny from a number of jurisdictions, including Japan, Germany and the UK, Bahrain sees its Binance approval as a step forward for its regulatory framework in fostering innovation.
“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," said HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain, in a statement.