Binance upgrades Bahrain license to offer full-suite of crypto services
The Central Bank of Bahrain (CBB) has 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 is the first exchange to be granted a category 4 license by the CBB. The milestone comes nearly three months after Binance has 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.
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.
“Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. … Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub,” added Khalid Humaidan, CEO of the Bahrain Economic Development Board.
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 new approval also 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.
