Binance became the first exchange to be granted with a Category 4 License in Bahrain
Binance, the world’s largest crypto exchange, received Category 4 License as a Crypto Asset Service Provider (CASP), by the Central Bank of Bahrain. This new license means that now Binance can offer a wide range of crypto services to users in Bahrain.
On Thursday, Binance announced this news through a press release, stressing that the move would help in freedom of money globally. Richard Teng, Head of MENA at Binance labelled it as a landmark achievement for Binance. The company is stressing on their commitment to be a compliance-first exchange as allegations of insider trading and law violations are rife in other countries.
The license would allow Binance to provide full suite of products and services that a crypto exchange offers, in a regulated environment. Category 4 License, introduced in September 2021, brings crypto exchanges under the purview of Bahrain’s regulatory authority. This license now allows Binance, full crypto trading as well as more customized services such as Portfolio Management, Custodial Services, Web3 services etc.
Central Bank of Bahrain
Central Bank of Bahrain, established in 2006, is responsible for monetary and financial stability in the Kingdom of Bahrain. It provides the regulatory framework for crypto financial services firms and implement Bahrain’s monetary and foreign exchange policies. CBB also manages government reserves and debt issuance while issuing national currency too.
Binance
Binance, currently the world’s largest crypto exchange, is registered in Cayman Islands. However, it provides crypto trading to a huge number of countries around the world. Binance received crypto asset service provider license in March. Now the green light with the Category 4 license would establish Binance in the growing crypto economy in Middle East. Middle East is going to be the new crypto hub attracting a huge number of blockchain firms & crypto start-ups.
According to Chainalysis, Middle East accounts for 7% of Global Trading volume. It is one of the fastest growing regions in crypto.
Binance is quick to expand in these growing markets. In December, Binance entered a deal with Dubai World Trade Center to assist the development of crypto regulations in the UAE.
