Binance gets its first gulf crypto regulatory nod in Bahrain – ArabianBusiness.com

Binance gets its first gulf crypto regulatory nod in Bahrain – ArabianBusiness.com

Binance Holdings Ltd. received in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom, according to a statement from the company. 

Binance, the world’s largest cryptocurrency exchange by trading volume, still needs to complete a full application process, Chief Executive Officer Changpeng “CZ” Zhao wrote in an email to Bloomberg News. He said that would be completed “in due course.” 

If successful, this would mark the first regulatory approval for a Binance entity within the Middle East or North Africa. The exchange has been attempting to expand its regional footprint, particularly in the Gulf, as executives prepare to set up a potential headquarters.