Binance, the world’s largest cryptocurrency exchange, and the Central Bank of Bahrain announced yesterday (Tuesday) that the company had received a license from the Central Bank to provide crypto-asset services for the first time at the Gulf Cooperation Council (GCC).
Zhang Bingchao, CEO of Binance, said in a joint statement with Bahraini officials that “the Bahraini license is the cornerstone of our journey to obtain licenses and full regulatory practices worldwide.”
Financial regulators around the world have targeted Binance, with some banning certain activities on the trading platform, while others have warned customers that they are not authorized to operate in their regions. The report said the license allows business and administration of crypto-property portfolios.
Binance is working to establish a presence in the United Arab Emirates. Last December, Dubai partnered with the World Trade Center to set up an organization for international virtual assets there and help improve its regulation.
Last week, Dubai enacted the first law to manage virtual assets and set up a regulatory body to oversee the sector.