Binance launches new website for Bahrain, binance.bh

abdelaziz Fathi

Binance has officially launched its operation in Bahrain, allowing local users to trade cryptocurrencies and other digital assets through a dedicated website, binance.bh.

The milestone comes shortly after the Central Bank of Bahrain (CBB) granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP). The world’s largest cryptocurrency exchange received the licence after reportedly meeting all of the operational, technical, and security requirements outlined by the CBB.

Binance Bahrain was the first exchange to be granted a category 4 license by the CBB. The platform secured its preliminary authorization to establish a crypto-asset business, paving the way for it to begin operations within the country.

Before that, it was granted an “in-principle” decision, which was the first stage of the full authorization process whereby the applicant needs to satisfy the CBB on one or more requirements in order to obtain a license. The upgraded license allows the world’s biggest crypto ecosystem to offer a full-suite of crypto exchange services in Bahrain.

Binance further expands into middle east

The crypto-asset license will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.

The approval comes as Binance is trying to upgrade its regulatory profile worldwide, part of an attempt to undo regulatory red flags and reinvent itself as a regulated financial firm.

Binance also received an in-principle approval (IPA) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (the FSRA). The licence allows the crypto giant to operate as a broker-dealer in digital assets.

Once Binance has satisfied all IPA conditions and receives its Financial Services Permission (FSP), it will be able to offer its services to customers outside the GCC region, as well as the currently-serviced GCC region. In addition to servicing a broader range of customers, the FSP from the ADGM FSRA will enable Binance to list a greater number of virtual asset pairs provided they meet the Accepted Virtual Assets criteria set out by the FSRA.

Read this next

Retail FX

Interactive Brokers adds 680k accounts, daily trades hit two-year high

Interactive Brokers LLC (NASDAQ: IBKR) recorded 2.44 million daily average revenue trades (DARTs) in February 2024, marking a notable increase from the 2.2 million transactions observed in the previous month. This figure represents the highest DARTs reported in two years, indicating an 11 percent monthly surge and a 15 percent year-on-year rise.

Retail FX

Financial Commission adds Ultima Markets to membership roster

Multi-asset brokerage firm Ultima Markets, operating under the trading name Ultima Markets Ltd, has been granted membership of the Financial Commission, marking the most recent inclusion into the ranks of the self-regulatory organization.

Digital Assets

Bitcoin hits fresh record high amid massive short squeeze

Bitcoin has surged to record highs against both the euro and the pound, hitting €60,447 and £51,736 respectively on Coinbase. The primary cryptocurrency has seen an almost 7% increase in the past 24 hours.

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

<