MANAMA, Bahrain, May 26, 2022 /PRNewswire/ -- Binance, the world's leading blockchain and cryptocurrency infrastructure provider, today announces that Binance Bahrain has received a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB), allowing it to offer a full-suite of crypto exchange services in Bahrain. Binance Bahrain is the first exchange to be granted a category 4 license by the CBB.
Richard Teng, Head of MENA at Binance, said: "The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange. This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well regulated environment.
"We are grateful to the Central Bank of Bahrain for their support and vision in granting Binance Bahrain this license. Bahrain is well on the path to becoming a leading global hub for crypto."
The Category 4 license will allow Binance Bahrain to provide a full range of crypto-asset exchange services to customers under the supervision of the Bahrain regulators.
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com.
About the Central Bank of Bahrain
The Central Bank of Bahrain (CBB) is a public corporate entity established by the 2006 CBB and Financial Institutions Law. It was created on 6th September 2006. The CBB is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which had previously carried out central banking and regulatory functions since its establishment in 1973. The CBB inherits the BMA's 33-year track record and wide range of responsibilities. It implements the Kingdom's monetary and foreign exchange rate policies, manages the government's reserves and debt issuance, issues the national currency and oversees the country's payments and settlement systems. It is also the sole regulator of Bahrain's financial sector, covering the full range of banking, insurance, investment business and capital markets activities. The CBB's wide scope of responsibilities allows a consistent policy approach to be undertaken across the whole of the Kingdom's financial sector. It also provides a straightforward and efficient regulatory framework for financial services firms operating in Bahrain.