The oil-rich kingdom has been making moves to strengthen its domestic crypto industry.
The Central Bank of Bahrain has awarded crypto exchange Binance a license that allows it to operate in the country, providing services including crypto trading, custody, and portfolio management services to Bahraini customers.
- The license is Binance’s first in the Middle East/North Africa (MENA) region.
- “The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” Changpeng Zhao, founder and CEO of Binance, wrote in a press announcement.
- Binance was granted preliminary approval for the license in December, but was required to complete the full application process before being awarded the full license.
- In 2021, Binance came under fire from regulators in a number of countries, including the United Kingdom and Japan.
- The oil-rich Kingdom of Bahrain, however, seems to regards Binance in a more positive light and sees the license as a step in the right direction for its nascent crypto industry.
- Khalid Humaidan, CEO of the Bahrain Economic Development Board, wrote: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. … Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”