Binance Gets Its First Gulf Crypto Licence in Bahrain

Binance is also building its presence in Gulf neighbour the United Arab Emirates.

By Reuters | Updated: 15 March 2022 15:39 IST

Binance Gets Its First Gulf Crypto Licence in Bahrain

Photo Credit: Reuters

Regulatory requirements to protect users with strong anti-money laundering

Highlights

Regulatory requirements will 'counter-terrorism financing policies'
Binance is banned from certain activities in various countries
Dubai adopted its first law governing virtual assets last week

The world's largest cryptocurrency exchange Binance has been given a crypto-asset service provider licence by Bahrain's central bank, its first such licence in the Gulf Cooperation Council (GCC), the company and the bank said on Tuesday.

"The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world," said Binance Chief Executive Officer CEO Changpeng Zhao in a joint statement with Bahraini authorities.

The regulatory requirements will "protect users with strong anti-money laundering and counter-terrorism financing policies," he added.

Financial regulators across the world have targeted Binance cryptocurrency exchange, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.

The licence permits crypto-asset trading, custodial services and portfolio management, the statement said.

Binance is also building its presence in Gulf neighbour the United Arab Emirates (UAE).

In December it said it was working with Dubai World Trade Centre (DWTC) to help set up an international virtual asset ecosystem there and assist with the development of virtual asset regulations.

Dubai, one of the UAE's seven emirates, last week adopted its first law governing virtual assets and established a regulator to oversee the sector.

© Thomson Reuters 2022

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