Binance receives first license for Gulf crypt in Bahrain

PHOTO FILE: representation of cryptocurrency visible in front of Binance logo in this illustration made on March 4, 2022. REUTERS / Dado Ruvic / Illustration

March 15, 2022

DUBAI (Reuters) – The world’s largest cryptocurrency exchange Binance has received a license to provide crypto asset services from the Central Bank of Bahrain, the first such license in the Gulf Cooperation Council (GCC), the company and the bank said on Tuesday.

“The license from Bahrain is a milestone on the path to full licensing and regulation around the world,” Binance CEO Changpeng Zhao said in a joint statement with the Bahraini authorities.

The regulations will “protect users through a tough anti-money laundering and anti-terrorist financing policy,” he added.

Financial regulators around the world have targeted Binance: some ban the platform from performing certain activities, while others warn consumers that it does not have a license to operate in their jurisdiction.

The license allows you to trade crypto assets, store services and manage your portfolio, the report said.

Binance is also increasing its presence in the neighboring Persian Gulf of the United Arab Emirates.

In December, he said he was working with the Dubai World Trade Center (DWTC) to help create an international virtual asset ecosystem there and help develop virtual asset rules.

Dubai, one of the UAE’s seven emirates, last week passed its first law regulating virtual assets, and set up a regulator to oversee the sector.

(List by Lisa Barrington; edited by Stephen Coates)

Binance receives first license for Gulf crypt in Bahrain

Source link Binance receives first license for Gulf crypt in Bahrain

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