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Binance, the largest crypto trading platform in the world by trading volume, is set on expanding its presence in the Middle East. The company is on track to becoming a crypto-asset provider in Bahrain after having secured an in-principle approval.
“Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain,” the company said in a blog post. “The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.”
While it has already secured an in-principle approval, the crypto exchange still needs to complete the entire application process before the Central Bank of Bahrain will grant the license to operate, Chief Executive Officer Changpeng “CZ” Zhao told Bloomberg. The CEO added that this application process will be completed “in due course.”
Central Bank of Bahrain is the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity. The crypto exchange is expanding its presence in the region, especially in the Gulf area, and as company executives prepare to set up a potential headquarters.
“I am grateful for the support from the Central Bank of Bahrain and the broader Bahraini ecosystem during the process,” Zhao said.
Last week, Binance announced that it joined Dubai’s efforts to create its crypto zone. The company already signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) to help accelerate the city’s industry hub for virtual assets project.
“With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation,” Binance said.
