Binance Obtains its First Gulf Crypto License in Bahrain

Binance announced on Tuesday that the company has secured its first crypto-asset service provider license in Bahrain, reported Reuters.

In a joint statement with Bahraini officials, Binance CEO Changpeng Zhao said, "The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world." He contended that the regulatory policies are aimed at "protect[ing] users with strong anti-money laundering and counter-terrorism financing policies."

This comes after Binance was placed under the spotlight by many fiscal regulators across the globe with some of them barring the world’s largest cryptocurrency exchange from operating in their dominions. As per the statement, the license issued by Bahrain’s central bank grants Binance the ability to offer services in crypto-asset trading, portfolio management, and security.

Binance is also looking to expand its operations in the Gulf region by working alongside the Dubai World Trade Center (DWTC) to establish a global digital asset syndicate in the United Arab Emirates. This comes after Dubai introduced its first legislation to govern the virtual assets industry.