Binance, the world’s largest cryptocurrency exchange by trading volume, has received in-principle approval from Bahrain's central bank to become a crypto-asset service provider in the Gulf kingdom.

The approval comes after Binance applied for a license from the Central Bank of Bahrain (CBB) as part of its plans to become a fully-regulated centralised cryptocurrency exchange, it said in a statement on Monday.

CBB is the first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity. The approval from CBB still requires Binance to complete the full application process, which is expected to be completed in due course, it added.

The move is part of the exchange’s plans to expand in the region. Last week Binance signed a cooperation deal with Dubai World Trade Centre Authority, which aims to set up a global virtual asset ecosystem.

(Reporting by Brinda Darasha; editing by Seban Scaria)

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