Categories: Business and Brands

Binance gets its first Gulf crypto licence in Bahrain

The world’s largest cryptocurrency exchange Binance has been given a crypto-asset service provider licence by Bahrain’s central bank, its first such licence in the Gulf Cooperation Council (GCC), the company and the bank said on Tuesday.

“The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” said Binance Chief Executive Officer CEO Changpeng Zhao in a joint statement with Bahraini authorities.

Advertisement

The regulatory requirements will “protect users with strong anti-money laundering and counter-terrorism financing policies,” he added.

Financial regulators across the world have targeted Binance, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.

Advertisement

The licence permits crypto-asset trading, custodial services and portfolio management, the statement said.

Binance is also building its presence in Gulf neighbour the United Arab Emirates.

Advertisement

In December it said it was working with Dubai World Trade Centre (DWTC) to help set up an international virtual asset ecosystem there and assist with the development of virtual asset regulations.

Dubai, one of the UAE’s seven emirates, last week adopted its first law governing virtual assets and established a regulator to oversee the sector.

Advertisement

-Reuters

Advertisement
Ayoola Olaitan

Recent Posts

Tinubu promotes Acting Chief of Army Staff, Oluyede to Lt Gen

President Bola Tinubu has promoted the acting Chief of Army Staff, Olufemi Oluyede to the…

38 mins ago

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

6 hours ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

8 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

12 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

12 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

12 hours ago