Binance Awarded Crypto-Asset Service Provider License In Bahrain

Cryptocurrency infrastructure provider Binance has been granted a crypto-asset service provider license from the Central Bank of Bahrain that will allow the company to provide services under Bahrain regulators.

"This landmark achievement for Binance represents its first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) and demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region," the company said on their blog Monday.

The license will allow the crypto exchange to provide services like crypto-asset trading, custodial services and portfolio management under the supervision of the Bahrain regulators.

Changpeng Zhao, founder and CEO of Binance, said: "The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I'm proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies."

Rasheed Al Maraj, Governor of the Central Bank of Bahrain, commented: "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."

Binance was granted preliminary approval for the license in December last year but was required to complete the full application process before being awarded the full license.

The crypto exchange came under fire from regulators in a number of countries, including the United Kingdom and Japan in 2021.

The inhouse token BNB was trading at $366, 0.70 percent lower, as of 1.25 a.m. ET, CoinMarketCap data showed.