The Bahrain central bank has provided the crypto-asset service licence to Binance, the largest cryptocurrency exchange. This is the first collaboration of Binance with a member of the Gulf Cooperation Council (GCC).
Chief Executive Officer (CEO) of Binance Changpeng Zhao called the event a milestone for the company. He added that users would be protected under the counter-terrorism finance and anti-money laundering policies. Binance has faced a ban across the world from multiple financial regulators.
Through the licence by Bahrain, the crypto exchange will be able to continue trading of crypto-assets, manage portfolios, and provide custodial services.
Earlier in December, Binance and Dubai World Trade Centre Authority (DWTCA) had signed a cooperation deal to create a virtual asset ecosystem.