The Largest cryptocurrency exchange Binance has received an in-principle approval from the Central Bank of Bahrain to operate as a cryptocurrency service provider. This licence is the first step as part of Binance’s vision to become regulated and centralized at global level.
The world’s largest cryptocurrency exchange Binance on Monday revealed that it has received an in-principle approval to operate as a cryptocurrency service provider by the Central Bank of the Kingdom of Bahrain. According to the company Bahrain is the first nation in the Middle East North Africa region to grant the in-principle approval. Though, ‘in-principle’ means that the exchange has to complete the full application process that the exchange expects to complete in the due course.
The officials from Binance on Monday said “The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralized cryptocurrency exchange.” The Binance is planning to transit from a decentralized exchange to a centralized one. To ensure a smooth transition Binance is making substantial changes in its structure and operational regime.
The Exchange has made compliance to regulation its top priority and to fulfill its vision it is seeking regulation from various countries such as Netherlands, South Africa, U.S., U.K., Australia, Norway, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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