The kingdom could become the exchange headquarters in the region.
Crypto exchange Binance has received major approval from the Central Bank of Bahrain to operate in the kingdom, the company said.
Binance will be able to become the official provider of crypto services for residents of the country. For this, crypto exchanges will have to complete a registration process, Bloomberg reports, citing Binance CEO Changpeng Zhao. According to him, the crypto exchange will provide all the necessary documents in a “timely” manner.
If approved, Bahrain will become Binance’s first country of presence in the Middle East and North Africa (MENA) region. Bahrain was one of the first countries in the region to embrace digital assets.
Obtaining a license is a simple formality, Abdullah Haji, director of licensing at the country’s central bank, told Bloomberg. According to him, the kingdom would be an “ideal place” for the exchange headquarters in the region. Crypto company Rain Financial received licenses from the Central Bank of Bahrain in 2019 and CoinMENA earlier this year.
Crypto exchanges are opening up new countries amid increasing regulatory pressure. In early December, Binance suspended trading on the Singapore branch of the crypto exchange until February 13, 2022. Binance has been blacklisted by Singapore regulators. The main complaint about the trading platform is that its representatives launch businesses in the country without having a license from financial regulators.
Recall that last week, the Dubai World Trade Center announced plans to create a cryptocurrency ecosystem. The next day, Binance joined the project.
Read also: state funds can become Binance investors, the Financial Times learns.