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Binance gets its first Gulf crypto license in Bahrain and Dubai

Binance gets its first Gulf crypto license in Bahrain and Dubai

FILE PHOTO: A representation of the cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration

Binance Considers Obtaining a License to Operate in Dubai and Bahrain

Illustration shows a representation of the cryptocurrency and Binance logo

The world’s largest cryptocurrency exchange, Binance, has been awarded the first crypto-asset service provider license in the Gulf Cooperation Council (GCC), a group of Arab monarchies, the company and the bank said on Tuesday.

“The license from Bahrain is a milestone for Binance and the crypto industry,” said Binance CEO Changpeng Zhao in a joint statement with Bahraini authorities.

The regulations will protect users with strict anti-money laundering and counter-terrorism financing policies, he added.

Financial regulators in many places around the world have taken aim at Binance, some banning the platform from certain activities and others warning consumers that it isn’t licensed to operate in their jurisdictions.

Binance is also building its presence in Gulf neighbour the United Arab Emirates.

The company announced that it would work with Dubai World Trade Centre to help form a virtual asset ecosystem there and assist with the development of virtual asset regulations.

Last week Dubai, one of seven Emirates in the UAE, adopted its first law governing virtual assets and created a regulatory body to oversee the sector.

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