The most popular cryptocurrency exchange will provide diverse crypto-related services for Bahrainis. Binance is completely regulated in the oil-rich country and is the first to be awarded a license in the Middle East.
“Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain,” tweeted Changpeng Zhao, the CEO of Binance.
The key people to allow Binance to get the license were, according to the exchange’s CEO, “Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, and Prime Minister.”
Under the latest license, Binance is allowed to offer services like trading, portfolio management, and crypto withdrawals for the people of Bahrain. Moreover, the Central Bank of Bahrain (CBB) awarded the license while it was, per HE Rasheed Al Maraj who is the Governor of the bank, “developing regulations aligned with global trends.”
“We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices,” Al Maraj added.
According to Zhao, getting the license to operate in Bahrain was a major “milestone” for the crypto exchange.
Bahrain crypto journey
Unlike most countries that don’t regulate crypto payments, Bahrain, on the other hand, has taken a different approach to the asset class. The CBB allows crypto exchanges to offer on and off-ramp payments for their customers.
Bahrain’s strategy puts it ahead of the digital currency competition in the Middle East since the CBB didn’t outlaw crypto payments like its neighbors.
The CEO of the Bahrain Economic Development Board, Khalid Humaidan, noted,
“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. Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”