Binance has received a new licence from Bahrain’s Central Bank that will let the blockchain and cryptocurrency firm offer a “full-suite of crypto exchange services,” a statement from the company said.
Binance, the world’s largest cryptocurrency trading platform, has received a category 4 license to operate as a crypto-asset service provider from Bahrain’s Central Bank. The platform has recently received regulatory approval to operate in Italy and France.
Cryptocurrency exchanges have come under heat around the world for failure to regulate, with the platform being told not to operate in several countries. Traders have been warned against using the unregulated products they offer.
But Binance has pushed back against this, saying they want to work with regulators.
“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,” Richard Teng, head of MENA at Binance, said in a statement.
The cryptocurrency platform has eyed Bahrain and the United Arab Emirates as crypto hubs, given their existing regulatory frameworks, sandboxes, and desire to host pioneering financial services.
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