Binance is in the country thanks to the permission it received from the Central Bank of Bahrain. crypto asset service provider can operate as
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has withdrawn from the bank after applying for a license to the Bahrain Central Bank. obtaining permission at the principle level succeeded.
Binance expects the application process, which has not yet been finalized, to be completed shortly.
Bahrain Central Bank, Binance in the country operate legally It became the first regulatory body to grant such permission to Binance in the Middle East and North Africa regions.
The Financial Crimes Investigation Board (MASAK) recently imposed a penalty of 8 million liras on Binance TR, the Turkish leg of the stock market, on the grounds that it did not fulfill some of its obligations. Binance TR management, in a statement after that, “together with all state institutions; working for a sustainable, healthy and safe ecosystem” stated.
Changpeng Zhao, the CEO of Binance, after the permission they received, “The Central Bank of Bahrain has demonstrated its leadership and foresight in this area by seeing crypto as the asset type of the future. I am indebted to the Central Bank of Bahrain and the ecosystem in Bahrain in general for their support throughout the process.” said.
Founded in China in 2017, Binance has launched after pressure from some regulatory agencies around the world. regional and global offices set out to establish. The company has stepped up its activities in the Middle East over the past few months.
Binance announced a collaboration agreement with Dubai World Trade Center earlier this month to contribute to the development of the virtual asset ecosystem in Dubai.