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.
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.
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.
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.
-Reuters
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to…
Primate Elijah Ayodele Unveils 94-Page Prophecy for 2025, Makes Striking Predictions About Nigeria’s Political and…
The Senior Special Assistant to President Bola Tinubu on Community Engagement (North Central), Abiodun Essiet,…
The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…
Tobi Adegboyega, founder of the Salvation Proclaimers Anointed Church (SPAC Nation), has stated that he…
The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell…