Binance gets crypto-asset service provider licence in Bahrain

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Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has been granted a crypto-asset service provider licence from the Central Bank of Bahrain (CBB).

This landmark achievement for Binance represents its first licence as a crypto-asset provider in the GCC and demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region.

Changpeng Zhao (CZ), founder and CEO of Binance, said: “The licence from Bahrain is a milestone in our journey to being fully licenced and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement. Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.

“I’m proud of the hard work of the Binance team to meet the stringent criteria of CBB, 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.”

The crypto-asset licence will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.

Rasheed Al Maraj, Governor of CBB 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.”

Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB) added: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors. Collaboration with industry leaders such as Binance will further enhance our mission to establish Bahrain as a leading business hub.”