Crypto exchange giant Binance announced Monday that it has “received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. “The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange,” Binance stated.
Binance still needs to complete the full application process.
Receiving in-principle approval from the central bank means that Binance still needs to complete the full application process, which the exchange expects to be done “in due course,” the announcement notes. According to the crypto exchange, the CBB is the “first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity.” Binance CEO Changpeng Zhao commented on the latest development, “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
Binance continues to expand its presence worldwide.
Over the past months, Binance has been scrutinized by a number of regulators worldwide, including in the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, and Singapore. But this has not stopped the crypto exchange from continuing to expand. As reported yesterday, Binance has registered its domestic entity in Canada for dealing in virtual currencies. According to the company’s filing, Binance Canada Capital Markets will be a Money Service Business (MSB) and allow dealings in digital assets, money transfers, and foreign exchange. Binance’s domestic entity in Canada was incorporated on 1 December and holds the current license till the end of 2024.