Binance Awarded In-principle Approval from Bahrain Central Bank

Binance, one of the largest crypto exchanges in the world, announced on Monday that it has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. 

According to Binance, the in-principle approval from CBB still requires it to complete the full application process, which is expected to be completed in due course. In addition, Binance becomes the first entity to be granted an in-principle approval in the Middle East North Africa (MENA) region, thus realizing part of its plans to become a fully-regulated centralised cryptocurrency exchange.

"Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption," said the Binance Co-Founder and CEO, Changpeng Zhao. "The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment."

Fazzaco recently reported that Binance is fined $750,000 by a Turkey regulator​, and earlier this year it was warned by dozens of the regulators, all for non-compliances. But the exchange is still pursuing regulated operations across jurisdications.

"The approval recognizes Binance's commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain," said Zhao, Binance's poster boy.