Binance goes live in Bahrain

Having received its licence as a Crypto Asset Service Provider / Category-4 (crypto-assets Exchange) on 19 May 2022, the binance.bh platform now allows Binance to provide a wide range of crypto-asset exchange services to customers. This means that new customers can sign up to the newly regulated platform and get access to a range of products and services.

Officials from The Central Bank of Bahrain (CBB) stated that as part of the ongoing collaboration between banks and industry and sector leaders, CBB welcomes Binance's decision to establish a regional headquarters for its Middle East operations in Bahrain. CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for encrypted asset trading service providers and their clients, based on global trends and developments in financial services.

Capitalising on Bahrain’s relationship with technology

Also commenting on this development, representatives from Binance said that working with the government of Bahrain and witnessing the country’s forward-thinking perspectives towards the crypto asset industry has been an excellent experience. Bahrainis have become steadfast early adopters of crypto assets, and it is fantastic that Binance can play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation.

Working closely with cities and regulatory bodies is a vital part of Binance’s approach to market, not just from a compliance perspective, but also to safeguard users by providing consumer protection and market security. Binance sees huge potential in Bahrain and it is happy to be able to contribute and be a part of this region’s journey towards growing as a global hub for all things blockchain.

Binance has viewed Bahrain as a key business hub which will provide areas for growth and employment within the wider industry. Furthermore, Binance’s focus on robust compliance and security controls, as well as its commitment to working closely with regulators in the region to champion user protection and market integrity, have allowed the company to establish a strong foothold in the GCC and contribute to the region’s status as a fast-emerging global crypto asset hub.