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Cryptocurrency exchange Binance gets regulatory approval from the Central Bank of Bahrain

Cryptocurrency exchange Binance gets regulatory approval from the Central Bank of Bahrain

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Answer Cryptocurrency exchange Binance gets regulatory approval from the Central Bank of Bahrain

Binance announced this Monday morning that it has received the main approval from the Central Bank of Bahrain (CBB) to operate as a cryptocurrency service provider in the Kingdom of Bahrain.

Binance is now required to complete the full application process with the regulatory authority in Bahrain.

Binance expects to complete the application process in a timely manner.

CZ, Co-Founder and CEO of Binance, commented on the recent approval his company has received:

Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in cryptocurrencies and blockchain technology and help improve mass adoption.

The Central Bank of Bahrain is a leading institution in developing robust mechanisms and frameworks for crypto assets as it focuses on compliance with global standards for anti-money laundering, anti-terrorist financing, transaction monitoring and consumer protection among others.

Read:The Central Bank of Nigeria plans to launch a central bank digital currency “CBDC” by the end of 2021

It also establishes a standard linking traditional financial systems and the crypto industry to facilitate adoption and secure deployment.

This was Binance’s first regulatory approval in the Middle East and North Africa (MENA) region and indicates Binance’s desire to make Bahrain its operational hub in the region.

Binance’s quest for regulation:

The license came as a result of Binance’s relentless pursuit of regulated operations across the jurisdictions in which it operates.

Binance is also looking for a global base to move away from the structure of decentralized operations.

Binance has already faced dozens of regulatory warnings from various regulators in the past several months for operating as an unauthorized platform in most jurisdictions.

Recently, a Turkish regulator fined the local branch of the platform $750,000 for violating anti-money laundering rules.

About that he told “CZ”:

The approval demonstrates Binance’s commitment to fully complying with regulatory requirements and our broader commitment to establishing operations and activities in Bahrain.

As a reminder, Binance previously withdrew its application for a license in Singapore, as it closed its services there, which is what we previously discussed in Bitcoin Arabs.

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