Binance must still complete the application process in order to receive the in-principle approval of the Central Bank of Bahrain. This is expected to happen in the near future.
Binance, the largest cryptocurrency exchange in volume, announced on December 27th that it has received in-principle permission from the Central Bank of Bahrain to become a crypto-asset provider in Bahrain. Binance applied for a license at the CBB to establish itself as a centralised, fully-regulated cryptocurrency exchange.
CBB is now the first regional regulator to approve Binance entities in the Middle East North Africa region (MENA), according to a statement by the crypto exchange.
CBB has granted in-principle approval, but Binance must still complete the entire application process. This is expected to happen in the near future, it said.
Binance entered into a cooperation agreement with Dubai World Trade Centre Authority in December. This authority is currently working to establish an international virtual asset environment. As the United Arab Emirates strives to attract new businesses amid regional competition, Dubai World Trade Centre (DWTC), said it would be a crypto zone and regulator of cryptocurrencies and other virtual asset.
Binance has been targeted by financial regulators around the globe this year. Some have banned the platform from certain activities, while others have warned consumers that the platform was not licensed to operate within their jurisdictions.
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