MANAMA, Bahrain, Dec. 27, 2021 /PRNewswire/ -- Binance, the world's leading blockchain and cryptocurrency infrastructure provider, has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.
Changpeng Zhao (CZ), founder and CEO of Binance, said: "Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption. The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment."
The in-principle approval from the Central Bank of Bahrain still requires Binance to complete the full application process, which is expected to be completed in due course.
CZ added: "The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. I am grateful for the support from the Central Bank of Bahrain and the broader Bahrani ecosystem during the process. The approval recognizes Binance's commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain."
The move from the Central Bank of Bahrain makes it the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity, demonstrating the Kingdom of Bahrain's global leadership in Fintech regulation.
The Bahrain development demonstrates Binance's strong commitment to the Middle East and North Africa region. Earlier in December, Binance announced the signing of a cooperation agreement between Binance and the Dubai World Trade Centre to help advance Dubai's commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.