Binance receives first regulatory approval from the Central Bank of the Persian Gulf country of Bahrain.
Binance has had a difficult, complex year, with rejections from regulatory bodies around the world. However, things started to improve in the last few months of the year, as it opened a corporate entity in Ireland and also bought a exchange en Singapur.
But there is more. TodayBinance Holdings Ltd. announces that it has obtained authorization in principle from the central bank of Bahrain to operate as a cryptoasset service provider in the country, according to a statement from the firm. Bahrain, or Bahrain (or Bahrayn), is a country in the Persian Gulf in the Middle East, consisting of 30 small islands, which despite being small and little known has had a significant technological development.
In press release, Binance dice:
“Binance has received approval in principle from the Central Bank of Bahrain (CBB) to establish itself as a cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. service provider in the Kingdom of Bahrain. The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully regulated regulation is when something is controlled by a specific set of rules. centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange.
CBB’s move makes it the first regulator in the Middle East and North Africa (MENA) region to grant an in-principle approval to a Binance entity. CBB’s in-principle approval still requires Binance to complete the full application process, which is expected to be completed in due course.”
Soon process finished
Changpeng “CZ” Zhao, CEO de Binance, stated that the company is currently working on the application process in its entirety, adding that the project will be completed “in due course”.
“The Central Bank of Bahrain has shown leadership and foresight in addressing cryptocurrencies as a future asset class. I am grateful for the support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. of the Central Bank of Bahrain and the wider Bahraini ecosystem throughout the process. The approval recognizes Binance’s commitment to fully comply with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
In addition, Finbold reports that Abdulla Haji, director of licensing at the country’s central bank, stated that once Binance has completed the necessary prerequisites for the training, the licensing process will be “a matter of formality”. Durante su charla, se refirió al Reino de Bahrein como “the ideal place” for the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. to establish its regional headquarters.
The media outlet comments that Bahrain has been a pioneer in the use of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets. In 2019,Rain Financial Inc. became the first licensed cryptoasset platform a place to buy, sell and store cryptocurrency in the region, having received authorization from the Kingdom’s central bank to begin operating in the country. This was followed by CoinMENA, which received another license from the Bahraini monetary authorities earlier this year.
The decision to Binance demonstrates the company’s increased emphasis on the Middle East. However, Turkish regulators fined Binance’s local headquarters for allegedly failing to comply with digital currency currency is a medium of exchange that defines value. legislation related to consumer information.
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