Binance awarded Bahrain crypto service provider license

cointelegraph.com:

Crypto exchange Binance will provide fully regulated services to its first country in the Middle East thanks to a license granted by Bahrain’s central bank.

Bahrain was able to issue the license through the Cooperation Council for the Arab States of the Gulf (GCC). The world’s largest exchange and CEO Changpeng Zhao announced the crypto-asset service provider license on March 14.

#TeamBahrain.#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. pic.twitter.com/Ndnb4xhA5y

Binance’s new license allows it to offer crypto services, including trading, custody, and portfolio management for customers in the Middle East’s smallest economy. Last December, Binance received an in-principal approval to operate in Bahrain. That approval has now become a full-fledged license.

Central Bank of Bahrain (CBB) governor HE Rasheed Al Maraj said that the bank was “developing regulations aligned with global trends” that “enable innovation and best practices.”

The license allows Binance to continue its expansion efforts across global jurisdictions while complying with local regulations. Last week, CZ stated that he wanted Binance to “identify and invest in” traditional businesses in every economic sector worldwide with the express intent of tying them into cryptocurrency.

Despite its relative size to other countries in the region, or possibly due to that, Bahrain has been one of the most crypto-friendly countries in the Middle East. The CBB successfully trialed JP Morgan’s crypto payment system Onyx in January.

Cointelegraph reported on Jan. 10 that using crypto-based payment systems will help the CBB address what governor Al