Bahrain’s central bank, the Central Bank of Bahrain, is the country’s monetary authority. Recently, it made the headlines in the world of crypto for giving an in-principle license to Binance, the world’s biggest crypto exchange platform. The license will allow Binance to serve as a service provider of crypto assets in the country. While a full application process is remaining, Changpeng ‘CZ’ Zhao, the CEO of Binance, conveyed through email to Bloomberg News that the process would be completed soon.
If Zhao’s words turn out to be true, it would make a Middle Eastern/North African Binance entity a reality. The crypto exchange has been in the news for a long time due to its ongoing search for a headquarters. Even though Binance is one of the biggest cryptocurrency companies in the world, it has no permanent headquarters. That’s why it has been active at expanding its regional footprint, especially in the Gulf region.
In the email sent to Bloomberg News by Zhao, the Binance CEO wrote that he is grateful for the Central Bank of Bahrain’s support along with the broader Bahraini virtual asset ecosystem. The Central Bank of Bahrain’s director for licensing, Abdulla Haji, said that Binance’s licensing is nothing but mere formality once the establishment requirements are fulfilled by Binance. Haji also praised the kingdom of Bahrain and claimed that there is no better place than Bahrain for Binance’s ambitions in the Gulf.
This latest development for Binance comes hot on the heels of its Dubai World Trade Centre Authority deal, which the crypto company signed the previous week