'Binance' obtains the first cryptocurrency license in the Gulf.
The company 'Binance', the largest platform in the world for cryptocurrency exchange, and the Central Bank of Bahrain announced yesterday (Tuesday) that the company has obtained a license to offer cryptocurrency asset services from the central bank, the first license of its kind in the Gulf Cooperation Council countries.
The CEO of 'Binance', Changpeng Zhao, stated in a joint statement with the authorities of Bahrain: 'The Bahrain license is the cornerstone of our journey to obtain comprehensive licenses and regulations worldwide.'
Global financial regulatory authorities have targeted 'Binance', prohibiting some of them from certain activities on the exchange platform and warning other clients that it is not authorized to operate in their regions. The statement indicated that the license allows for trading and managing cryptocurrency asset portfolios.
'Binance' is also working to establish a presence in the United Arab Emirates. Last December, it reported that it is collaborating with the Dubai World Trade Center to establish an international virtual asset system there and assist in the development of its regulation.
Last week, Dubai enacted the first law regulating virtual assets and created a regulatory authority to oversee the sector.