Cryptocurrency exchange Binance announced Monday that it has been granted a crypto asset service provider license from the Central Bank of Bahrain (CBB).
Changpeng Zhao (CZ), founder and CEO of Binance, tweeted:
Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain.
He added: “The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.”
The cryptocurrency exchange company received in-principle approval from the central bank in December last year. And in-principle approval means that Binance still needed to complete the full application process.
Rasheed Al Maraj, governor of the Central Bank of Bahrain commented: “Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
The announcement adds:
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.