The Central Bank of Bahrain gives regulatory approval to Binance exchange to offer services under compliance.
Binance is a popular global crypto exchange. Because of its quality crypto offerings, Exchange is standing at the first rank in terms of the highest crypto trade volume in this industry. In the present time, the exchange is trying to expand its operations in the Middle East.
On 15 March, Bloomberg published a report on Binance exchange’s regulatory efforts in Bahrain and confirmed that Binance exchange grabbed the green light from the Central Bank of Bahrain to operate its services under the compliance and regulatory framework.
Recent month’s report confirmed that Binance exchange is working to expand its crypto services to the Middle East. Now, this first regulatory approval from Bahrain is the first crypto license for the Binance exchange in the Middle East.
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#Binance Wins First Gulf Crypto License From Bahrainhttps://t.co/vlYepjVHy9
— CZ
Binance (@cz_binance) March 14, 2022
Binance looking toward Dubai
After this success of the Binance exchange in Bahrain, the exchange will try to jump in UAE.
In the last week, UAE established its first crypto regulatory Agency to oversee the crypto companies and their Operations in the Crypto industry of UAE, to ensure the safety of the investors and keep the manipulation like things away from the market.
Binance Exchange already signed an agreement with the Dubai World Trade Centre Authority to develop a regulatory framework and make Dubai a hub of cryptocurrencies.
Many reports noted that the Binance exchange is now trying to get regulatory approval from the regulatory body of UAE. Binance exchange is already in discussion with many government-backed agencies, and it is showing the potential of Binance to work under full compliance with the regulators of the country. It will probably be much easier for Binance to get a crypto license in the UAE but here it will be too early to comment on such things.
Read also: Members of EU committee votes against POW crypto assets ban
Binance receives regulatory approval to operate in Bahrain
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