Skip to main content

Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide

Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Fully Regulated, Centralized

Binance has received in-principle approval from the Central Bank of Bahrain to operate a cryptocurrency service provider in the country. The license is part of Binance’s “plans to become a fully-regulated centralized cryptocurrency exchange,” the crypto exchange detailed.

Binance Receives In-Principle Approval in Bahrain

Crypto exchange Binance announced Monday that it has “received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain.” The company explained:

The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.

Receiving in-principle approval means that Binance still needs to complete the full application process, which the company expects to be done “in due course,” the announcement notes.

According to the crypto exchange, the CBB is the “first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity.”

Binance CEO Changpeng Zhao (CZ) commented, “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”

Over the past months, Binance has been scrutinized by a number of regulators worldwide, including in the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.

In August, Binance said it is making regulatory compliance a top priority. The company is moving from a decentralized business model to a centralized one, as it pivots from a technology company to a financial services company.

In early December, Binance revealed that it is making “substantial changes” to become a fully licensed and compliant cryptocurrency exchange. “We’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places,” Zhao said.

The exchange noted in Monday’s announcement:

The Bahrain development demonstrates Binance’s strong commitment to the Middle East and North Africa region.

What do you think about Binance receiving approval in Bahrain and planning to become a centralized crypto exchange? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3qnI5W4
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more