Binance, the largest cryptocurrency exchange, has been licensed as a crypto service provider by the Central Bank of Bahrain (CBB).
Binance and the license as a crypto service provider in Bahrain
The crypto-exchange is also expanding into the Kingdom of Bahrain, obtaining a licence as a cryptocurrency service provider.
— Binance (@binance) March 14, 2022
“Binance has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB)”.
In this regard, Changpeng Zhao (CZ), founder and CEO of Binance, said:
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement. Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.
I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies”.
Binance is expanding
Binance’s new licence will allow the crypto-exchange to provide crypto-asset trading, custody and portfolio management services to customers, under the supervision of Bahrain’s regulators.
HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain also commented:
“Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices”.
Fiat-to-crypto with Bitfinity
Recently, Binance launched Bitfinity an exchange payments provider for fiat-to-crypto. Thanks to this new company, the crypto-exchange is expected to solve some problems with fiat payments in certain countries, complying with all relevant regulations.
Bitfinity supports over 50 cryptocurrencies, which can be purchased with VISA, Mastercard and others and will require mandatory KYC. Not only that, there will be the possibility to integrate an API for traditional merchants and e-commerce.
Another goal of Bitfinity for Binance will be to extend access to the crypto world globally, to as many people as possible, along with Paysafe and Checkout.com.