Binance, the world’s largest cryptocurrency exchange, has been granted a crypto-asset service provider license by Bahrain’s central bank, marking the business’s first such license in the Gulf Cooperation Council (GCC), according to the company and the bank on Tuesday.
He went on to say that the regulatory standards will “protect users with rigorous anti-money laundering and counter-terrorism funding rules.”
Financial regulators throughout the world have pursued Binance, with some prohibiting the platform from engaging in specific activities and others informing customers that it was not permitted to operate in their jurisdictions.
According to the announcement, the license allows for crypto-asset trading, custodial services, and portfolio management. Binance is also expanding its foothold in the United Arab Emirates, a Gulf neighbor.
It announced in December that it was collaborating with the Dubai World Trade Centre (DWTC) to help establish an international virtual asset ecosystem and assist with the creation of virtual asset legislation. more info
Dubai, one of the UAE’s seven emirates, passed its first virtual asset law last week and formed a regulator to regulate the industry. Binance is also expanding its foothold in the United Arab Emirates, a Gulf neighbor.
It announced in December that it was collaborating with the Dubai World Trade Centre (DWTC) to help establish an international virtual asset ecosystem and assist with the creation of virtual asset legislation.
Financial regulators throughout the world have pursued Binance, with some prohibiting the platform from engaging in specific activities and others informing customers that it was not permitted to operate in their jurisdictions.
According to the announcement, the license allows for crypto-asset trading, custodial services, and portfolio management.
He went on to explain that the regulatory requirements will “protect users with stringent anti-money laundering and counter-terrorism funding laws.”
Binance has been chased by financial regulators all over the world, with some preventing the platform from engaging in certain activities and others telling users that it was not legal to operate in their territories.
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