Binance, the global cryptocurrency exchange announced that it has “received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain.”
Receiving in-principle approval means that Binance still needs to complete the full application process, which the company expects to be done “in due course,” the announcement notes.
According to the crypto exchange, the CBB is the “first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity.”
Binance CEO Changpeng Zhao (CZ) commented, “The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
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