Global Crypto Market

Binance is the first regulated crypto-asset services provider in the MENA region in Bahrain

The Bahrain Central Bank has approved Binance’s in-principle application, which remains subject to the full application process, which is expected to be completed shortly.

In December, Binance, the world’s largest crypto exchange by volume, announced that it had received in-principle approval from the Central Bank of Bahrain (CBB) to start providing crypto-asset services in Bahrain. Binance had applied for a license from the CBB in order to become a centralised, fully regulated cryptocurrency exchange.

By granting preliminary approval to Binance, the CBB becomes the first regulator in the Middle East North Africa (MENA) region to do so, the crypto exchange said in an official statement.

Binance still has to complete the full application process, which is expected to be completed in time, according to the statement.

In December Binance has signed a cooperation agreement with Dubai World Trade Center Authority, which is working to develop an international virtual currency ecosystem. As the UAE seeks to attract new business amid regional competition, the Dubai World Trade Centre (DWTC) has announced it will become a crypto zone and regulator of cryptocurrencies and other virtual assets.

Some global financial regulators have banned Binance from certain activities this year, while others warned consumers the service was unlicensed to operate in their jurisdictions.