Bahrain Issues a Crypto Asset Service Provider License to Binance
- Although Binance had received an in-principle approval back in December, it was required to complete the full application process.
- The new license will allow Binance to provide crypto-related services to the citizens of Bahrein, including trading, custody, and portfolio management.
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Major cryptocurrency exchange Binance has been granted a crypto-asset service provider license by the Central Bank of Bahrain (CBB), enabling it to operate in the country, the company said in a press release on 14 March.
According to the announcement, the new crypto license marks Binance’s first regulatory approval in the Middle East/North Africa (MENA) region. The exchange had received an in-principal approval to operate in Bahrain back in December, but was required to complete the full application process before it was fully granted. The CEO of Bahrain’s Economic Development Board, Khalid Humaidan, said in a statement:
“Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors. Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”
CBB’s crypto-asset service provider license enables firms to provide crypto-related services — such as trading, custody, and portfolio management — to citizens of Bahrain, under the supervision of the country’s regulators. Acquiring this license is in line with Binance’s plans to expand to different global jurisdictions, while complying with local regulators.
Last week a “person familiar with the matter” revealed that Binance was also in talks with the Dubai World Trade Centre (DWTC) to acquire a virtual asset service provider license. The exchange had also signed a cooperation deal with the DWTC back in December, to assist the development of virtual asset regulations in Dubai. The United Arab Emirates are on their way to become a world crypto hub thanks to Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, who last week established a legal framework for crypto in the Emirates.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- Germany’s largest bank will use Taurus’ custody and tokenization technology to manage the cryptocurrencies, tokenized assets, and digital assets of its clients.
- Deutsche Bank was one of a few companies to participate in Taurus’ $65 million Series B fundraising round back in February, which was led by Credit Suisse.
- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.