Binance licenced as cryptoasset service provider in Bahrain

Granted by the Central Bank of Bahrain (CBB), it’s the first licence issued to Binance by a member of the Gulf Cooperation Council (GCC).

Changpeng Zhao, Binance founder and CEO, called the decision a “milestone” in the company’s efforts to get “fully licensed and regulated around the world”. He praised the Binance team for its hard work to “meet and exceed” the criteria, which he described as “stringent”.

CZ referred explicitly to “anti-money laundering and counter-terrorism financing policies”, a major pain point in Binance’s relations with UK authorities, sending yet another signal that the company intends to counter the flurry of investigations it faced last year with a more compliant image. So far, these efforts yielded mixed results.

The Bahraini licence also cements Binance’s commitment to build a stronger presence in the Gulf after the company struck a cooperation deal with Dubai World Trade Centre Authority in December.