Changpeng Zhao’s crypto exchange has upped its presence in the Gulf after receiving approval from Bahrain’s authorities to provide services within the country.
With Middle Eastern countries like Dubai still working on their blockchain infrastructure, Bahrain has made exponential progress in the digital asset market and has lately worked with large players in the crypto industry like JPMorgan and Binance.
According to a report by Reuters, Binance will now hold the first crypto asset license in the Gulf region, giving investors access to crypto custody services, digital asset trading, and crypto asset portfolio management solutions.
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CEO and Founder of Binance Changpeng Zhao spoke on getting fully licensed in Bahrain, highlighting the regulatory requirements on digital assets in the country, assuring that Binance works in a transparent way, with proper AML and CTF rules in place.
The road to global expansion, and securing licenses across countries worldwide turned out to be challenging yet possible for Binance.
Initially, the licensing of Binance in Bahrain started back in December of 2021 when it received a financial license to operate within the country. Now, the crypto exchange is ready to offer the whole spectrum of services to investors within the country.