Binance is getting closer to becoming a fully-regulated crypto exchange after the Central Bank of Bahrain gave it “in-principle” permission . If Binance is allowed to run its business in the Kingdom of Bahrain, the company could soon be fully regulated.
As of Monday, Binance said CBB is “the first regulator in the Middle East North Africa (MENA) region to give an in-principle OK to a Binance entity.”
The “in principle” approval from the CBB means that the exchange still has to go through the whole application process. When Binance meets the requirements to become a company, CBB’s director for licensing says, “It’s just a matter of formalities.”
According to Haji, the Kingdom of Bahrain is the best place for Binance to set up shop in the Middle East and North Africa.
Binance CEO Changpeng Zhao: “National regulators like the Central Bank of Bahrain are very important to build trust in crypto and blockchain and to help more people use them. This will help even more people use them.”
» Binance Awarded In-Principle Approval as a Crypto-Asset Service Provider in the Kingdom of Bahrain | Binance Support https://t.co/m3ts2e8Ge6
— CZ 🔶 Binance (@cz_binance) December 27, 2021
A cryptocurrency exchange called Rain Financial, which is owned by BitMEX and other investors, became the first licensed digital asset service provider in Bahrain in 2019. In 2019, the CBB approved the company.
The news comes at the same time as Binance moves away from a decentralized corporate structure to one that has its operations in one place.
Following today’s announcement, and a recent deal in Dubai, the Gulf region is now seen as a great place to visit.
It was last week that Binance and the Dubai World Trade Center Authority (DWTCA) signed a memorandum of understanding. The goal is to build a digital assets industry hub in the city.