The award marks Binance’s first crypto licence in the Gulf region.

Binance, the world’s largest cryptocurrency exchange, has secured a a crypto-asset service provider license from the Central Bank of Bahrain (CBB). Announcing this in a statement Tuesday, the company said the licence demonstrated its commitment to regulatory compliance in the Cooperation Council for the Arab States of the Gulf. (Binance)

The licence from CBB clears the way for the crypto startup to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.

Focus on regulatory compliance

“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” said Changpeng Zhao (CZ), founder and CEO. He added that the Binance team had met the stringent criteria of the CBB, and ensured that “we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”

Binance has previously faced heat from financial regulators across the world, including bans on its activities and the issue of warnings to consumers regarding its unlicensed status.

“Developing regulations aligned with global trends is a key objective for us at the CBB,” said HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain. “We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”

Binance: A foothold in Dubai too

Separately, a Bloomberg report said Binance had also won a license to the first anchor in Dubai World Trade Centre, an economic free zone, quoting a person familiar with the matter.

In December, Binance had announced a a cooperation agreement with Dubai World Trade Centre Authority (DWTCA), helping advance Dubai’s commitment to establishing a new international virtual asset ecosystem.

Simultaneously, the Government of Dubai stated the Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.

Related Story: Dubai World Trade Centre To Be Key Zone And Regulator For Crypto; Binance Signs Cooperation Agreement

Feature image: Binance CEO CZ