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Binance gets its first Gulf crypto licence in Bahrain -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A depiction of the cryptocurrency is shown in front of Binance’s logo in this illustration from March 4, 2022. REUTERS/Dado Ruvic/Illustration

DUBAI (Reuters – Binance, the world’s biggest cryptocurrency exchange has received a license from Bahrain’s central banks to provide crypto-asset services. This is Binance’s first licence under the Gulf Cooperation Council’s (GCC) system.

Binance CEO Changpeng Zhao said that the licence granted by Bahrain represents a significant milestone on our path to becoming fully licensed and regulated throughout the world.

He added that regulations will protect users by strong anti-money laundering, counter-terrorism financing policies.

Binance has been targeted by financial regulators around the globe. Some have banned it from participating in certain activities, while others warn consumers that the platform is not licensed to be operated within their borders.

According to the statement, this licence allows crypto-asset trading and custodial service, as well portfolio management.

Binance also plans to expand its presence in the United Arab Emirates, a Gulf neighbor.

The company announced in December that it would be working with Dubai World Trade Centre to create an international virtual-asset ecosystem. It also plans to assist with the development and regulation of virtual assets.

Dubai, one the UAE’s seven Emirates, adopted last week its first law regarding virtual assets. It also established an oversight regulator.

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