- Binance is granted the Central Bank of Bahrain’s first crypto-asset service provider license (CBB).
- Bahrain’s Prince Salman bin Hamad Al Khalifa met with Binance CEOChangpeng Zhao.
- Binance is already working to establish footings in the UAE.
Binance, the world’s largest cryptocurrency exchange, has been granted the license to operate in Bahrain by the country’s Central Bank, giving the crypto exchange its first license from a Gulf Cooperation Council (GCC) member state.
Changpeng Zhao, CEO of Binance, was thrilled to break the news on Twitter (NYSE:TWTR), sharing a photo of his meeting with Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.
Bahrain is adopting crypto in a big way.Honored to meet HRH Salman bin Hamad Al Khalifa https://t.co/7lVhUllTu4 pic.twitter.com/agN7gqrhhM
— CZ Binance (@cz_binance) April 21, 2022
For Binance, this new partnership with Bahrain is a milestone in the world of cryptocurrency. This will further contribute to the company’s goal of “being fully licensed and regulated around the world.”
Zhao further expressed his gratitude to the prince, saying:
I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, and Prime Minister, for the great work in facilitating this achievement.
Central Bank Governor Rashid Al-Maraj was also present at the meeting, joining Sheikh Mohammed bin Salman bin Hamad Al Khalifa. The prince emphasized that Bahrain’s financial services and digital technology sectors are expanding and creating great jobs for the locals.
Prince Salman said that Bahrain’s excellent business environment strengthens the country’s competitive position and overall growth.
He praised multinational enterprises for their work in managing digital assets and recognized their importance in advancing the world’s digital transformation, particularly in financial services and digital technology.
During the meeting, Zhao emphasized the Kingdom of Bahrain’s significant potential for economic development and investment and wished the Kingdom ongoing progress and prosperity.
In other news, Binance is also expanding its presence in the United Arab Emirates. Zhao announced collaborating with the Dubai World Trade Centre (DWTC) to help establish an international virtual asset ecosystem and assist with the creation of virtual asset legislation.