The world’s largest cryptocurrency exchange Binance has received a crypto asset service provider license from the Central Bank of Bahrain (CBB).

As the company continues to face increased scrutiny from financial watchdogs elsewhere, CEO CZ stated that this license is a milestone in the platform’s “journey to full licensing and regulation across the world”.

Binance’s first license in the Middle East

In a press release shared with CryptoPotato, Binance stated that Bahrain had become the first country in the Middle East where the exchange will provide fully regulated services after issuance through the Cooperation Council for the Arab States of the Gulf (GCC).

The license in question will allow Binance to offer services such as crypto asset trading, custody services and portfolio management to users under the supervision of Bahraini regulators.

The latest news comes four months after the CBB granted approval in principle to Binance.

Commenting on the development, CZ said:

“I am proud of the hard work of the Binance team to meet the strict criteria of the Central Bank of Bahrain, not only locally but globally, by ensuring that we meet and exceed the requirements of regulators and protect users with strong measures against money laundering. and policies against the financing of terrorism”

HE Rasheed Al Maraj, Governor of the CBB, underlined the key objective of “developing regulations in line with global trends”. He added that the central bank will continue to work together with players like Binance to develop regulations that facilitate innovation and best practices.

Financial regulators around the world have targeted Binance. However, Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB), believes that the collaboration with the leading cryptocurrency exchange will further advance the investment promotion agency’s mission to establish the Kingdom of Bahrain as a leading shopping center

The expansion

Mounting regulatory pressure has had little effect on Binance’s expansion plans. To further boost its presence in the Middle East, the exchange was reportedly in talks to obtain an operating license in Dubai.

Binance also returned to Malaysia after an equity investment in MX Global, a regulated digital asset trading platform. Furthermore, the crypto giant was also considering an expansion to countries such as Russia, Ukraine, Kazakhstan, and Uzbekistan. This came after the Russian president’s comment that the digital asset mining industry could benefit the country.

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