MANAMA, Bahrain, March 14, 2022 /PRNewswire/ -- Binance, the world's leading blockchain and cryptocurrency infrastructure provider, today announces that it has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB). This landmark achievement for Binance represents its first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) and demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region.
Changpeng Zhao (CZ), founder and CEO of Binance, said: "The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement. Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.
"I'm proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies."
The crypto-asset license will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators.
HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain commented: "Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices."
Khalid Humaidan, CEO of the Bahrain Economic Development Board (EDB) added: "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."
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com.
About the Central Bank of Bahrain
The Central Bank of Bahrain (CBB) is a public corporate entity established by the 2006 CBB and Financial Institutions Law. It was created on 6th September 2006. The CBB is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which had previously carried out central banking and regulatory functions since its establishment in 1973. The CBB inherits the BMA's 33-year track record and wide range of responsibilities. It implements the Kingdom's monetary policy, public debt issuance, issues the national currency and oversees the country's payments and settlement systems. It is also the sole regulator of Bahrain's financial sector, covering the full range of banking, insurance, investment business and capital markets activities. The CBB's wide scope of responsibilities allows a consistent policy approach to be undertaken across the whole of the Kingdom's financial sector. It also provides a straightforward and efficient regulatory framework for financial services firms operating in Bahrain.
About the Bahrain Economic Development Board
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate. The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment. The EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport. The financial services sector is particularly strong in Bahrain and the EDB works to support the continued growth of the banking industry and key sub-sectors, including Islamic finance. For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.