MANAMA, Bahrain, Dec.
27, 2021 /PRNewswire/ -- Binance, the world's leading
blockchain and cryptocurrency infrastructure provider, 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.
Changpeng Zhao (CZ), founder and
CEO of Binance, said: "Recognition and approval from national
regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto
and blockchain and help further improve mass adoption. The CBB has
been a progressive pioneer in developing a robust crypto-asset
framework focusing on compliance with global standards of
anti-money laundering, counter-terrorism financing, transaction
monitoring, consumer protection amongst others. It sets a
benchmark bridging traditional financial systems and the crypto
industry to facilitate safe adoption and deployment."
The in-principle approval from the Central Bank of Bahrain still requires Binance to complete the
full application process, which is expected to be completed in due
course.
CZ added: "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 move from the Central Bank of Bahrain makes it the first regulator in the
Middle East North Africa (MENA) region to grant in-principle
approval to a Binance entity, demonstrating the Kingdom of
Bahrain's global leadership in
Fintech regulation.
The Bahrain development
demonstrates Binance's strong commitment to the Middle East and North Africa region. Earlier in December,
Binance announced the signing of a cooperation agreement between
Binance and the Dubai World Trade Centre to help advance
Dubai's commitment to establishing
a new international Virtual Asset ecosystem that will generate
long-term economic growth through digital innovation.
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SOURCE Binance