Crypto exchange operator Binance has been given regulatory approval to launch a futures product in Bahrain.
According to Binance, it is the first regulated exchange to be granted a CAT 4 licence and to offer crypto futures.
The instruments will only be offered to eligible local investors.
The green light comes just days after Binance was granted a licence to operate a virtual assets trading platform in Abu Dhabi.
While Binance has had success with regulators in the GCC, it has been less successful elsewhere. The crypto exchange left the UK market after failing to secure a licence, and it is facing a civil lawsuit in the US from the securities regulator.
These setbacks led Binance Dubai’s general manager, Alex Chehade, to suggest that the company may look to expand in the region.
“Binance is here in the UAE because we have been given the surety that we can set up operations and build for the future,” he said in June.
“You don’t want to set up where the goalposts move. For big businesses, you need predictability, you need to plan, and you need to budget,” he added.
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