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

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more