The world’s largest cryptocurrency trade Binance has been given a crypto-asset service supplier licence by Bahrain’s central financial institution, its first such licence within the Gulf Cooperation Council (GCC), the corporate and the financial institution mentioned on Tuesday.
“The licence from Bahrain is a milestone in our journey to being absolutely licensed and controlled all over the world,” mentioned Binance Chief Govt Officer CEO Changpeng Zhao in a joint assertion with Bahraini authorities.
The regulatory necessities will “defend customers with robust anti-money laundering and counter-terrorism financing insurance policies,” he added.
Monetary regulators internationally have focused Binance cryptocurrency trade, with some banning the platform from sure actions and others warning customers that it was unlicensed to function of their jurisdictions.
The licence permits crypto-asset buying and selling, custodial providers and portfolio administration, the assertion mentioned.
Binance can be constructing its presence in Gulf neighbour the United Arab Emirates (UAE).
In December it mentioned it was working with Dubai World Commerce Centre (DWTC) to assist arrange a global digital asset ecosystem there and help with the event of digital asset rules.
Dubai, one of many UAE’s seven emirates, final week adopted its first legislation governing digital property and established a regulator to supervise the sector.
© Thomson Reuters 2022
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