Binance Strengthens Foothold In The Middle East With Bahrain’s Crypto Asset Service License

Last Updated on November 8, 2023 by Ameer Hamza

The biggest crypto trading platform, Binance, has strengthened its roots in Bahrain because it has won a license as a crypto-asset service provider from the Central Bank of Bahrain. Changpeng Zhao, CEO of Binance, says Bahrain’s licensing is a primary milestone toward Binance’s goal of becoming licensed across the globe. The license gave the platform a green light to begin offering its services. With Binance, people in the Gulf states can access custodian, trading, and portfolio management services.

Binance has surely benefited from its expansion into the Middle East with Bahrain. It has been paying attention to the Middle East as an imminent market. Finally, Binance was awarded the permit it needed to strengthen its foothold. Read on to find out about Bahrain’s license to Binance, its expansion plan in the middle east, and it’s deal with Dubai World Trade Centre.

Bahrain Grants A Crypto License To Binance

Binance shared an official statement with CryptoPotato explaining its issued license to provide regulated services. As quoted by Binance, Bahrain has emerged as a leading player in the Middle East for providing fully controlled trading services. The governor of the central bank of Bahrain, HE Rasheed Al Maraj, emphasized achieving the goal of developing regulations aligned with global trends. Further, he showed his intention of cooperating with Binance to foster guidelines for encouraging innovation and best practices.

The collaboration with Binance will push Bahrain to become the premier business hub of the world. The country has the power infrastructure, strong regulations, and diverse teams that can satisfy the rapidly expanding crypto market.

Expansion Plan Of Binance In The Middle East

Binance has faced disruption while expanding to the Middle East, and its expansion plan has been affected by the growing regularity pressure. Dubai’s licensing authority reportedly held a discussion with Binance about obtaining a license to further intensify its presence. With an equity stake in MX Global, Binance revives its presence in Malaysia. Further, Binance is targeting to expand its crypto trading services in several other countries and regions including Kazakhstan, Russia, Uzbekistan, and Ukraine. The crypto giant is spreading like a wild plant. On Monday, Binance announced the acquisition of a Brazilian securities brokerage firm after signing a memorandum of understanding.

Binance Cooperation Agreement With The Dubai World Trade Centre

Binance sealed a deal with the Dubai World Trade Centre to create an international virtual asset ecosystem. Further, the deal is aimed at producing crypto trading guidelines, regulations, and directions. Within a short period, Binance has evolved into the biggest crypto exchange in the world by processing $504 billion in spot transactions for crypto assets. The cooperation deal with Dubai will empower the country to forge economic development by incorporating digital innovation on a long-term basis. Binance believes that Dubai’s newly signed deal will help the global economy. As part of supporting this agenda, Binance will share its experience in cooperating with global regulators as a way to develop refined regulation of digital currencies.