Binance Gains Bahrain Approval to Become Crypto Asset Service Provider

    The “in principle” approval still requires the crypto exchange to complete the application process for a license from Bahrain’s central bank.

    Bahrain has become the first Middle East-North Africa country to give Binance approval in principle to establish itself as a crypto-asset service provider.

• Binance, the world’s leading cryptocurrency exchanges by trading volume, still has to complete the full application process to acquire a license from the Central Bank of Bahrain. The company said in a press release it expects to complete the process in due course.

• The development is part of Binance’s plan to become a fully regulated centralized cryptocurrency exchange.

• During 2021 Binance drew the attention of regulators around the world for its operations, with many saying it’s not authorized to conduct business in their jurisdictions. That prompted the company to recruit staff to bolster its compliance activities and said it plans to seek official approval in some countries.

• Bahrain, for its part, is seeking to strengthen its crypto industry. In January, the country’s central bank gave the go-ahead to CoinMENA, a crypto exchange that complies with Islamic law, or shariah.