Binance Sets Sights on Crypto License in Bahrain

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Binance’s efforts to become completely managed might soon be rewarded after the firm got in-principle approval from the Central Bank of Bahrain (CBB) to run operations in the Kingdom of Bahrain.

In a statement on Monday, Binance stated that CBB is “the very first regulator in the Middle East North Africa (MENA) area to approve an in-principle approval to a Binance entity.”

The “in-principle approval” from CBB implies that the exchange is still needed to go through the full application procedure.

Abdulla Haji, CBB’s director for licensing, confirmed the relocation informing Bloomberg that when Binance completes the facility requirements, licensing is “a matter of formalities.”

According to Haji, the Kingdom of Bahrain is “the perfect location” for Binance to set up its head office in the MENA region.

“Recognition and approval from nationwide regulators, such as the Reserve Bank of Bahrain, is necessary to develop trust in crypto and blockchain and assist further enhance mass adoption,” stated Changpeng Zhao, founder and CEO of Binance.

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