Binance obtains preliminary approval in Bahrain

The world’s largest crypto exchange continues struggling to stay compliant, but it has seen some luck in the Middle East.

The world’s largest crypto exchange, Binance, has received in-principal approval from the Central Bank of Bahrain (CBB) as a crypto-asset service provider. The in-principle approval from the Kingdom still requires Binance to complete the full application process, “which is expected to be completed in due course,” Binance said.

“Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption,” Changpeng Zhao (CZ), founder and CEO of Binance, said in the statement. “The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others.”

Binance’s latest move in Bahrain comes as a rare piece of good news as it has encountered regulatory woes in many jurisdictions over the past year.