Binance Granted Bahrain Crypto-Asset Service Provider Licence

The Central Bank of Bahrain (CBB) has issued Binance, the Bitcoin exchange, a crypto-asset service provider license.

#Binance has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB).https://t.co/mgRrEpbCSl

— Binance (@binance) March 14, 2022

Regulatory approval will permit the platform to provide trading, custody and management of digital currencies.

“The Bahrain license is an important milestone on our path to full regulation worldwide,” said Binance founder and CEO Changpeng Zhao.

The central bank’s regulatory approval to operate in the country in December 2021 was granted to the exchange.

Rashid Al-Maraj, governor of the CBB, noted the exchange’s assistance in developing the regulatory framework for cryptocurrencies.

Binance also signed a memorandum of understanding with the Brazilian-regulated securities broker Sim;paul Investimentos with a view to a possible acquisition of the firm.

The potential acquisition was described as “a step toward further development of Brazil’s cryptocurrency and blockchain ecosystem.”

Closing the deal will require approval from supervisory authorities, including the central bank.

“On a developing market such as Brazil, cryptocurrencies can improve people’s lives, so we believe that (in full cooperation with local authorities) we can contribute to the development of the community and the ecosystem,” said Changpeng Zhao.

As reported, Binance received a license as a provider of services in the field of virtual assets in Dubai, alongside the FTX exchange.