The most popular cryptocurrency exchange, Binance, will provide various cryptocurrency services to Bahraini. Binance is fully regulated in the oil-rich country and was the first to be licensed in the Middle East.
Binance Logo in the news, as it is the exchange accepted by GCC
Cryptoburg Binance was granted the first license for a global crypto active provider by the Gulf Cooperation Council (GCC) by the Central Bank of Bahrain.
Under the latest license, Binance cryptocurrency exchange can offer services such as trading, portfolio management, and cryptocurrency withdrawals for the people of Bahrain. In addition, the Central Bank of Bahrain (CBB) granted the license. At the same time, according to HE Rasheed Al Maraj, who is the bank’s governor, it “created regulations in line with global trends.”
“We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
Added by Al Maraj.
According to the director of the crypto bourse, obtaining a license to operate in Bahrain was a major “milestone” for Binance, so you will see their logo in news for a while.
Bahraini crypto route
Unlike most countries that do not regulate cryptocurrencies, Bahrain has taken a different approach to the asset class.
Bahrain’s strategy puts it ahead of digital currency competition in the Middle East, as most neighboring countries have banned cryptocurrencies.
Khalid Humaidan, Director General of the Bahrain Economic Development Council, noted:
“Bahrain’s team has built a world-class infrastructure to support the fast-growing blockchains and crypto industry with robust regulations and diverse talents across the financial services, fintech and technology sectors. center.”
Conclusion on granting licence to Binance exchange
The Bahrain government’s acceptance of Binance’s services is positive news for cryptocurrency fans.