Binance Now Fully Licensed by Central Bank of Bahrain to Offer Crypto Services – Binance, a cryptocurrency exchange, announced on Monday that the Bahraini Central Bank has granted them a crypto asset service provider license.
Changpeng Zhao, the founder and CEO of Binance, tweeted:
“The Central Bank of Bahrain has granted Binance the very first license for a global crypto-asset provider in the Cooperation Council for Arab States of the Gulf.”
“The Bahrain license is a notable step forward in our quest to become fully regulated and licensed throughout the world,” he added.
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The central bank granted in-principle clearance to the cryptocurrency trading company in December of last year. Binance still needed to complete the full application process after receiving in-principle permission.
“Developing laws consistent with global trends is a fundamental priority for us at the CBB,” said Rasheed Al Maraj, governor of Bahrain’s Central Bank. We’ll continue to collaborate with partners and industry experts like Binance to create legislation that promotes innovation and best practices.”
The rest of the announcement reads:
“Binance will now be able to keep providing crypto-asset trading, portfolio management, and custodial services to users under the supervision of Bahrain regulators.”
Changpeng Zhao, a developer who has previously designed high-frequency trading software, founded Binance. Binance was formed in China, but once the Chinese government strengthened its hold on cryptocurrencies, the company relocated its offices outside of the country.
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The United States Department of Justice and the Internal Revenue Service investigated Binance for tax evasion and money laundering in 2021.
Binance was ordered by the Financial Conduct Authority of the United Kingdom to suspend all regulated operations in the United Kingdom in June 2021..
During the Russian invasion of Ukraine in 2022, Binance donated $10 million to humanitarian needs in Ukraine.