Binance, the world’s largest cryptocurrency exchange, has officially launched its operations in Bahrain. The launch allows local users to trade cryptocurrencies and other digital assets through a dedicated website, binance.bh. This milestone comes shortly after Binance received a Category 4 license from the Central Bank of Bahrain (CBB) as a fully-fledged crypto-asset service provider (CASP).
Binance Bahrain was the first exchange to be granted a category 4 license by the CBB. The platform secured its preliminary authorization to establish a crypto-asset business, paving the way for it to begin operations within the country. The upgraded license allows Binance to offer a full-suite of crypto exchange services in Bahrain, including trading, custodial services, and portfolio management to customers under the supervision of the Bahrain regulators.
This move expands Binance’s presence in the Middle East and is part of the company’s efforts to upgrade its regulatory profile worldwide. Binance is trying to undo regulatory red flags and reinvent itself as a regulated financial firm. Binance also received an in-principle approval (IPA) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (the FSRA). The licence allows the crypto giant to operate as a broker-dealer in digital assets