Popular crypto exchange Binance revealed being granted a crypto service provider allowance from Bahrain’s Central Bank. The Binance team released a blog post, saying that the step is a major gain for the company as it is their first crypto asset provider in the alliance of the six Middle Eastern countries, The Cooperation Council for the Arab States of the Gulf (GCC). Also, the team said the license proves once again that Binance aims to be regulatory compliant.
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Thus, the exchange continues to strengthen its position in the Middle East and other parts of the world.Binance CEO, Changpeng Zhao said that getting a license from the country is a breakthrough moment for the company. CZ expressed his gratitude to Team Bahrain, in particular, Crown Prince and PM of the Kingdom for making the step easier. Governor of the Bahrain CB HE Rasheed Al Maraj said the institution will keep collaborating with Binance and other leaders of the sector to build a regulatory grounding that supports innovation.
Previously, financial supervisors in the UK, Japan and other jurisdictions warned against the business expressing concerns over the firm’s anti-money laundering practices and investment risks posed to traders.
Meanwhile, the company has been expanding its presence in other areas.On Monday, it signed a memorandum of understanding to purchase Brasil-based securities brokerage company Sim;paul Investimentos, which is authorized by the country’s CB as well as by the securities market authority.