On Thursday (May 26), the world’s largest crypto exchange by trading volume announced that Binance Bahrain had “received a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB), allowing it to offer a full-suite of crypto exchange services in Bahrain.”
According to Binance Bahrain’s press release, Richard Teng, Head of MENA at Binance, stated:
“The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange. This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well regulated environment.
“We are grateful to the Central Bank of Bahrain for their support and vision in granting Binance Bahrain this license. Bahrain is well on the path to becoming a leading global hub for crypto.“
Regarding CBB, the press release had this to say:
“The Central Bank of Bahrain (CBB) is a public corporate entity established by the 2006 CBB and Financial Institutions Law. It was created on 6th September 2006. The CBB is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which had previously carried out central banking and regulatory functions since its establishment in 1973.”
And Binance’s blog post said that more recently, the CBB “also provided an efficient regulatory framework for crypto financial services firms in Bahrain looking to work with crypto.”
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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