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.”
He also noted that the regulatory requirements will protect customers using “strong anti-money laundering and counter-terrorism financing policies.”
The Central Bank of Bahrain (CBB) has also issued comprehensive regulations to govern and license ‘Regulated crypto-asset services.’ It is a step that is in line with its goal to become the region’s leading FinTech hub.
Rasheed Al Maraj, Governor of the Central Bank of Bahrain added to the same saying,
“Developing regulations aligned with global trends is a key objective for us at the CBB”
Last December, Binance received principle approval from the Central Bank of Bahrain to operate as a crypto-asset service provider in the kingdom.
Additionally, Binance is also targeting Dubai for a crypto license. The exchange is in talks with Dubai World Trade Centre on the same.
Binance Booted in the UK, Ousted From Ontario, and Jabbed in Japan
Binance exchange has been subject to various regulatory scrutiny across the globe. The platform faced multiple rejections from financial regulators, including the UK, Ontario, and Japan.
The UK’s Financial Services Agency (FSA) has outright banned Binance from offering regulated services in the country. FSA said that the exchange holds no registration, license, or authorization in the country.
Meanwhile, Ontario pressurized Binance with a securities trading ban. In January, the Ontario Securities Commission (OSC) stated that Ontario users are not permitted to trade and are prohibited from opening new accounts.
OSC stated that it is “unacceptable” as the exchange has issued notice to its Ontario users without notification to the regulators.
The exchange also witnessed regulatory troubles from Japan and Italy for operating and providing services unauthorized in the respective countries.
Sujha Sundararajan is a writer-journalist with 7+ years of experience in Blockchain, Cryptocurrency and in general, FinTech news reporting. Her articles have featured in multiple journals such as CoinDesk, Protos, Bitcoin Magazine, CCN, Asia Blockchain Review, BeInCrypto and EconoTimes to name a few. She holds a Master’s in Journalism from the Indian Institute of Journalism and New Media and is also an accomplished Indian classical singer.