Binance, a cryptocurrency exchange, on Monday said that the Bahraini Central Bank had awarded them a crypto asset service provider license (CBB).
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Binance’s founder and CEO, Changpeng Zhao (CZ), tweeted: The Central Bank of Bahrain has given Binance the first license for a worldwide crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC).
“The Bahrain license represents a watershed moment in our drive to being fully licensed and regulated across the world,” he said.
In December of last year, the central bank granted in-principle clearance to the cryptocurrency trading firm. Binance still needed to finish the whole application procedure after receiving in-principle permission.
“Developing regulations aligned with global trends is a key objective for us at the CBB,” said Rasheed Al Maraj, governor of Bahrain’s Central Bank. We’ll keep working with partners and industry leaders like Binance to build laws that allow for innovation and best practices.”
The announcement said that Binance would be able to provide crypto-asset trading, custodial services, and portfolio management to consumers under the supervision of Bahrain regulators thanks to the crypto asset license.