MANAMA: Bahrain-based Binance has become amongst the first licensed crypto-asset service providers in the Gulf.
The blockchain and cryptocurrency infrastructure provider has announced that it has been granted a crypto-asset service provider licence from the Central Bank of Bahrain (CBB).
“The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” said Changpeng Zhao, Binance founder and chief executive.
“Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.”
The crypto-asset licence will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of Bahrain’s regulators.
“Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors,” added Bahrain Economic Development Board chief executive Khalid Humaidan.
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