‘Adopting Crypto in A Big Way,’ Binance Receives Bahrain License -Breaking
- Binance is granted the Central Bank of Bahrain’s first crypto-asset service provider license (CBB).
- Bahrain’s Prince Salman bin Hamad Al Khalifa met with Binance CEOChangpeng Zhao.
- Binance works already to establish footings within the UAE.
Binance, the world’s largest cryptocurrency exchange, has been granted the license to operate in Bahrain by the country’s Central Bank, giving the crypto exchange its first license from a Gulf Cooperation Council (GCC) member state.
Changpeng Zhao, CEO of Binance, was thrilled to break the news on Twitter (NYSE:), sharing a photo of his meeting with Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.
Bahrain has adopted crypto extensively.
Honored to meet HRH Salman bin Hamad Al Khalifa https://t.co/7lVhUllTu4 pic.twitter.com/agN7gqrhhM
— CZ Binance (@cz_binance) April 21, 2022
Binance’s partnership with Bahrain marks a significant milestone in cryptocurrency. This will further contribute to the company’s goal of “being fully licensed and regulated around the world.”
Zhao expressed further gratitude to the prince by saying:
Team Bahrain and the visionary leadership by HRH Prince Salman bin Hamad Al Khalifa the Crown Prince and Prime Minster, deserves my gratitude for all that they did to facilitate this accomplishment.
Rashid Al-Maraj (Central Bank Governor) was in attendance as well, along with Sheikh Mohammed bin Salman bin Hamad Al Khalifa. The prince emphasized that Bahrain’s financial services and digital technology sectors are expanding and creating great jobs for the locals.
Prince Salman said that Bahrain’s excellent business environment strengthens the country’s competitive position and overall growth.
He praised multinational enterprises for their work in managing digital assets and recognized their importance in advancing the world’s digital transformation, particularly in financial services and digital technology.
During the meeting, Zhao emphasized the Kingdom of Bahrain’s significant potential for economic development and investment and wished the Kingdom ongoing progress and prosperity.
Binance has also expanded its presence to the United Arab Emirates. Zhao has announced a collaboration with Dubai World Trade Centre to establish an international virtual assets ecosystem and help with creating virtual asset legislation.