BINANCE OBTAINS CRYPTO-ASSET SERVICE PROVIDER LICENSE IN THE KINGDOM OF BAHRAIN
Manama, Bahrain, March 14, 2022 /PRNewswire/ — Binance, the world’s leading provider of blockchain and cryptocurrency infrastructure, today announces that it has been granted a Crypto-Asset Service Provider License by the Central Bank of Bahrain (CBB). This landmark achievement for Binance represents its first license as a crypto-asset provider within the Cooperation Council for the Arab States of the Gulf (GCC) and demonstrates its commitment to regulatory compliance as its first group company in the region.
Changpeng Zhao (CZ), Founder and CEO of Binance, said, “The license of Bahrain is an important step in our journey towards full licensing and regulation worldwide. I would like to thank the Bahrain team, guided by the visionary leadership of HRH Prince Salman Bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the excellent work that facilitated this achievement. Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections consumers should expect from regulators around the world.
“I am proud of the hard work of the Binance team to meet the rigorous criteria of the Central Bank of Bahrainnot only locally but also globally, ensuring we meet and exceed regulators’ requirements and protect users with strong anti-money laundering and anti-terrorist financing policies. »
The crypto-asset license will allow Binance to provide crypto-asset trading, custody and portfolio management services to clients under the supervision of the Bahrain regulators.
HE Rasheed Al-MarajGovernor of the Central Bank of Bahrain commented, “Developing regulations aligned with global trends is a key goal for us at CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation. and best practices.”
Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB), added, “The Bahrain team has built world-class infrastructure to support the fast-growing blockchain and crypto industry, with strong regulations and diverse talent in financial services, fintech and technology. Collaborating with industry leaders such as Binance will further strengthen our mission to establish the Kingdom of Bahrain as a leading business center.”
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a suite of financial products that includes the largest digital asset exchange by volume. Trusted by millions around the world, the Binance platform is dedicated to increasing freedom of money for users and offers an unparalleled portfolio of crypto products and offerings, including: trading and finance, l education, data and research, social good, investment and incubation, decentralization. and infrastructure solutions, and more. For more information visit: https://www.binance.com.
About the Central Bank of Bahrain
The Central Bank of Bahrain (CBB) is a public body corporate established by the CBB and Financial Institutions Act 2006. It was created on September 6, 2006. The CBB is responsible for maintaining the monetary and financial stability of the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which previously performed central banking and regulatory functions since its establishment in 1973. The CBB inherits the BMA’s 33 years of experience and wide range of responsibilities. It implements the Kingdom’s monetary policy, issues public debt, issues the national currency, and oversees the country’s payment and settlement systems. It is also the sole regulator of Bahrain financial sector, covering all banking, insurance, investment and capital markets activities. The CBB’s broad range of responsibilities allows for a consistent policy approach across the Kingdom’s financial sector. It also provides a simple and efficient regulatory framework for financial services companies operating in Bahrain.
About the Bahrain Economic Development Board
The Bahrain Economic Development Board (EDB) is an investment promotion agency responsible for attracting investment to the Kingdom and supporting initiatives that improve the investment climate. The EDB works with government and current and potential investors to ensure that Bahrain investment climate is attractive, to communicate key assets and to identify opportunities for additional economic growth through investment. The EDB focuses on several economic sectors that capitalize on Bahrain competitive advantages and offer significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport. The financial services sector is particularly strong in Bahrain and the EDB works to support the continued growth of the banking sector and key subsectors, including Islamic finance. For more information about Bahrain EDB visit www.bahrainedb.com; for information on Bahrain to visit bahrain.com.