Cryptocurrency exchange Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to operate as a crypto asset service provider in the Kingdom.
The provisional approval is part of Binance’s plan to become a fully-regulated centralised cryptocurrency exchange.
“Recognition and approval from national regulators, such as the CBB, is essential to build trust in crypto and blockchain and help further improve mass adoption,” said Changpeng Zhao, Binance founder and CEO.
Binance has also signed a cooperation agreement with the Dubai World Trade Centre as the emirate looks to develop is digital assets ecosystem.
Binance has also sought to resume its effort to be approved in the UK, according to a report in the Daily Telegraph in December.
The UK’s Financial Conduct Authority had rejected Binance’s original application due to unanswered questions about its company structure. Since then, Binance has hired compliance officers and vowed to make changes to its internal processes and organisational structure.
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