Central Bank of Bahrain has granted Binance in-principle approval to operate as a cryptocurrency service provider in Bahrain. Binance plans to become a fully-regulated centralized cryptocurrency exchange, the crypto exchange explained.
In the process of becoming a fully regulated centralized cryptocurrency exchange, Binance, the world’s largest cryptocurrency exchange by trading volume, applied for a license from CBB. The CBB approved Binance’s application in principle.
Binance reports that the CBB is the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity.
Binance said in a statement that it needed to complete the whole application process, which is expected to occur shortly.
In recent months, Binance has been scrutinized by a number of regulators worldwide, including the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
As Binance pivots from a technology firm to financial services, regulatory compliance is becoming a top priority. The company is moving from a decentralized to a centralized model as it makes the transition.
In early December, the Binance exchange announced that it is undergoing “substantial changes” to become a fully licensed and compliant cryptocurrency exchange. “We are in the process of setting up real offices, legal entities, a proper board, and proper governance structures in most places,” Zhao said.
The exchange noted on Monday’s announcement: ‘Bahrain’s development underscores Binance’s commitment to the Middle East and North Africa region.’
