BINANCE RECEIVED A LICENSE TO PROVIDE CRYPTO-ASSET SERVICES IN THE KINGDOM OF BAHRAIN.
MANAMA, Bahrain, March 14, 2022 (PRNewswire) Binance, the world's leading blockchain and cryptocurrency infrastructure provider.Announced today that the Central Bank of Bahrain has granted it a crypto-asset service provider license (CBB). Binance's first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) demonstrates the company's commitment to regulatory compliance as the first of its group of companies in the region.
"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 of Binance. I'd like to thank Team Bahrain, led by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for their outstanding efforts in making this possible. Team Bahrain has demonstrated considerable foresight in developing crypto regulations and provides the regulatory safeguards that consumers should come to expect from regulators around the world.
"I'm glad for the Binance group's persistent effort to meet the Central Bank of Bahrain's severe measures, locally, yet all around the world, by guaranteeing that we meet and surpass controller necessities and safeguard clients with the solid enemy of illegal tax avoidance and counter-psychological oppression financing strategies."
Binance will be able to provide crypto-asset trading, custodial services, and portfolio management to customers under the supervision of Bahrain regulators thanks to the crypto-asset license.
HE Rasheed Al Maraj, Governor of Bahrain's Central Bank, stated. "Developing regulations that are in line with global trends is a top priority for the CBB. We will continue to collaborate with partners and industry leaders like Binance to create regulations that promote innovation and best practices."
Bahrain Economic Development Board (EDB) CEO Khalid Humaidan added: "With robust regulations and diverse talent from the financial services, fintech, and technology sectors, Team Bahrain has built a world-class infrastructure to support the rapidly growing blockchain and crypto industry. Collaboration with industry leaders like Binance will help us further our goal of establishing the Kingdom of Bahrain as a leading business hub."
Concerning Binance
Binance is the world's driving blockchain environment and cryptographic money framework supplier, with the biggest computerized resource trade by volume as a component of its monetary item suite. The Binance stage, trusted by millions all over the planet, is devoted to expanding clients' independence from the rat race and highlights an unmatched arrangement of crypto items and contributions, including exchanging and finance, training, information and examination, social great, venture and brooding, decentralization and framework arrangements, and that's just the beginning. Visit Binance for more data.
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About the Central Bank of Bahrain
The Central Bank of Bahrain (CBB) is a public corporation established by the Central Bank of Bahrain and Financial Institutions Law of 2006. It was founded on September 6, 2006. The CBB is in charge of ensuring the Kingdom of Bahrain's monetary and financial stability. It took over from the Bahrain Monetary Agency. Which had previously performed central banking and regulatory functions since its inception in 1973. The BMA's 33-year track record and a broad range of responsibilities are passed on to the CBB. It is in charge of implementing the Kingdom's monetary policy, issuing public debt, issuing the national currency, and overseeing the country's payment and settlement systems. It is also Bahrain's sole financial sector regulator, overseeing all banking, insurance, investment, and capital market activities. Because of the CBB's broad scope of responsibilities, a consistent policy approach can be implemented across the entire Kingdom's financial sector. It also provides a simple and efficient regulatory framework for Bahraini financial services firms.
The Bahrain Economic Development Board
The Bahrain Economic Development Board (EDB) is an investment promotion agency in charge of attracting investment and supporting initiatives that improve the investment climate in the Kingdom. The EDB collaborates with the government and current and prospective investors to ensure that Bahrain's investment climate is appealing, to communicate key strengths, and identify opportunities for additional economic growth through investment.
The EDB focuses on several economic sectors that benefit from Bahrain's competitive advantages and offer significant investment opportunities. Financial services, manufacturing, ICT, tourism, logistics, and transportation are among these industries. Bahrain's financial services sector is particularly strong, and the EDB works to support the continued growth of the banking industry and key sub-sectors such as Islamic finance. For more information on the Bahrain EDB, go to Bahrain, and for more information on Bahrain, go to www.bahrain.com.
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