One of the richest countries in Middle East/North Africa (MENA) region has been working to develop its own cryptocurrency sector.
Binance has been granted a license by Bahrain's Central Bank, allowing it to operate in the nation and provide crypto trading, custody, and portfolio management services to Bahraini consumers.
In a news release, Binance founder and CEO Changpeng Zhao said, "The license from Bahrain is a milestone in our goal to becoming completely licensed and regulated around the world."
Binance received preliminary clearance for the license in December, but had to go through the entire application procedure before receiving the final license.
In 2021, regulators in a number of countries, including the United Kingdom and Japan, slammed Binance.
The oil-rich Kingdom of Bahrain, on the other hand, appears to view Binance favorably and sees the license as a positive step forward for its embryonic crypto business.
Bahrain Economic Development Board CEO Khalid Humaidan notes,
“Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. … Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”