Crypto Exchange Binance receives approval in Bahrain - plans for regulation and centralization worldwide - regulation
Crypto Exchange Binance receives approval in Bahrain - plans for regulation and centralization worldwide - regulation
Binance received the basic approval of the operation of a cryptocurrency service provider in the country from the Central Bank of Bahrain. The license is part of Binance's "plans to become a completely regulated central cryptocurrency exchange", which has described crypto exchange in detail.
Binance receives basic approval in Bahrain
The Kryptobörse Binance announced on Monday that "she received the basic approval of the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain". The company explained:
The basic approval takes place after Binance has applied for a license from CBB as part of its plans to become a fully regulated centralized cryptocurrency exchange.
The preservation of the basic approval means that Binance still has to complete the complete application process from which the company expects it to be carried out “in due course”, according to the announcement.
According to the crypto exchange, the CBB is the "first regulatory authority in the Middle East region of North Africa (Mena), which grant a fundamental approval to a bony company".
Changpeng Zhao (CZ), CEO of Binance, commented: "The approval recognizes the obligation of Binance to fully adhere to the regulatory requirements, and to anchor our more comprehensive commitment, operations and activities in Bahrain."
In the past few months, Binance has been examined by a number of supervisory authorities worldwide, including in the USA, Great Britain, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey and Lithuania
In August Binance announced that compliance with legal regulations will have a top priority. The company moves from a decentralized business model, while it swings from a technology company to a financial service company.
early December, Binance Bitcoin.com/crypto-exchange-binance-binance--fully-licensed-fully-fully-compliant-uk/" Rel = "noopener">. and to become compliant cryptocurrency exchange. "We are in the process of setting up real offices, legal entities, a decent board and appropriate governance structures in most places," said Zhao.
The stock exchange found in the announcement of Monday:
Development in Bahrain shows the strong commitment of Binance for the Middle East and the North Africa region.
What do you think that Binance receives approval in Bahrain and plans to become a centralized crypto exchange? Let us know in the comment area below.
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