According to online news sources, the biggest crypto exchange platform in the world, Binance, is reportedly going to provide crypto asset services in the country of Bahrain. The company announced on December 27, 2021, that it has received in-principle approval from CBB or the Central Bank of Bahrain to provide the said services in the country. With this move, the country of Bahrain has become the first regulator in the MENA (Middle East North Africa) region to welcome Binance.
Binance exchange had previously submitted an application in the Central Bank of Bahrain for the license, in an effort to become a centralized and regulated cryptocurrency exchange. The company still has to complete the entire application process for the approval to come into full effect. The full application process is expected to be complete in some time.
Binance has made in-roads in the city-state of Dubai as well. In early December, the company forged a deal for cooperation with the Dubai World Trade Centre Authority. It has been found that the Dubai World Trade Centre Authority is looking to set up an international ecosystem for virtual assets. This is in line with the United Arab Emirates (UAE’s) move to encourage new businesses in the face of regional competition. The Dubai World Trade Centre has stated that it is planning to establish itself as a crypto zone, to become a regulator for cryptocurrencies and other digital assets. Notably, the Binance exchange has been targeted by many financial regulators of many countries this year. While some have banned certain activities on the platform, other countries have warned the people that it has not received a license to operate in a particular jurisdiction.