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Binance Receives Full Operation Permit the Kingdom of Bahrain

Gus – Cryptocurrency Expert

  • The operation licence of Binance Bahrain has been upgraded to Category 4
  • The exchange now has a full Category 4 licence, making it the first cryptocurrency exchange to do so
  • Binance Bahrain now has a Category 4 license, allowing it to offer a complete range of crypto-asset exchange services

Binance, one of the major cryptocurrency exchanges, has been awarded a Category 4 licence to operate as a crypto-asset service provider by the Central Bank of Bahrain (CBB) (CASP)

This news was announced on Thursday, May 26, 2022, on Binance's official website. Binance is the first cryptocurrency trading platform to receive the CBB's Category 4 licence. It was granted a provisional licence in December of last year. Binance Bahrain will be able to provide a greater variety of cryptocurrency investment services to Bahraini crypto traders as a result of this licence. Binance will specifically offer its services under the oversight of Bahraini regulators.

Binance's director of MENA, Richard Teng, said: "The upgrading to a Category 4 licence in the Kingdom of Bahrain is a significant milestone for Binance and demonstrates our dedication to becoming a compliance-first exchange."

Binance was targeted by regulators in various countries in 2021, including the United Kingdom and Japan. Since then, it has enlisted a variety of resources to improve its compliance with various government agencies. In related developments, Binance will assist Kazakhstan in the development of crypto-related legislation. This report follows Binance CEO Changpeng Zhao's meeting with Kazakhstan President Kassym-Zhomart Tokayev.

The Republic of Kazakhstan's Ministry of Digital Development, Innovations, and Aerospace Industry, as well as Binance, will look for ways to integrate financial infrastructure into the crypto market and supervise the development and deployment of blockchain technology, according to the agreement.

Furthermore, the Ministry and Binance will assist the construction of a regional blockchain centre by promoting Astana Hub among local and international talent.

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