The tremendous world cryptocurrency exchange, Binance, marks a new milestone. It has received a new license from Bahrain’s Central Bank (CBB). The license allows it to operate as a crypto-asset service provider. One of the most important aspects of this license is that it is Binance’s first in the Gulf Cooperation Council (GCC).
The CEO of Binance, Changpeng Zhao (CZ), expressed his delight at the news. He said that it’s a significant step toward their goal of becoming completely licensed and regulated everywhere.
Furthermore, Binance will provide different services to consumers in Bahrain. For example, the issuance of the crypto-asset license includes services like cryptocurrency trading, portfolio management, and custodial services.
In addition, Zhao noted that people on the Binance team did a lot of hard work to meet the strict requirements of the Central Bank of Bahrain. They made sure to meet the requirements of regulators. These regulations involve keeping users safe with strong anti-money laundering and anti-terrorism financing policies. In the general analysis, cryptocurrency regulation is seen as a step in the right direction because it makes investors more confident.
Following on, Rasheed Al Maraj, the head of the CBB, added more about their collaboration with Binance. At the CBB, they want to ensure that regulations are in line with global trends. In addition, he noted that they are still working with Binance and other partners. The goal is to make regulations that allow for innovation and best practices.
As per the record, Binance is also part of a humanitarian cause by donating $10 million to help Ukraine. Additionally, Binance has worked with many non-profit organizations in the past. Some are People in Need, the UN Refugee Agency, UNHCR, iSans, and UNICEF. The funds were split between them.