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Binance Eyes Crypto License in Bahrain, Receives “In-Principle Approval” from Central Bank

The crypto exchange gets a step closer to becoming fully regulated by receiving an “in-principle approval” from the Central Bank.

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Binance may finally get what it most desires as its efforts for full regulations might yet yield some fruit. The firm received the in-principle approval from the Bahrain Central Bank so they can run operations in the Kingdom of Bahrain.

This news comes from an announcement made on Monday, where Binance said that the CBB is “the first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity.”

The “in-principle approval” given from the CBB here means the exchange is required to still undergo the various full applications process.

The CBB’s director for licensing, Abdulla Haji, spoke with Bloomberg where he confirmed the move and said once Binance’s establishment requirements are completed, licensing will be a “matter of formalities.”

The kingdom of Bahrain has been cited as “the perfect place” for Binance to set up its headquarters in the MENA region, according to Haji.

As for Binance’s CEO, Changpen Zhao, he said “Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption.”

Rain Financial became the first licensed digital asset services provider in Bahrain once it secured its CBB approval in 2019. The cryptocurrency exchange is backed by BitMEX among other investors.

This announcement has surfaced at a time where Binance is in the midst of shifting away from a decentralized corporate structure to one with operations centered in one jurisdiction.

The Gulf region is looking to be a top destination following the announcement today, as well as a more recent agreement in Dubai.

Binance signed a memorandum of understanding with the Dubai World Trade Center Authority (DWTCA) with the objective of establishing a digital assets industry hub.

In Singapore, the crypto exchange withdrew its application for a license citing a refocus in its operations to the city’s state into a “blockchain innovation hub.”

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