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Binance Gets Its First Gulf Crypto Regulatory Nod in Bahrain

Dec. 27, 2021, 7:16 AM

Binance Holdings Ltd. received in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom, according to a statement from the company.

Binance, the world’s largest cryptocurrency exchange by trading volume, still needs to complete a full application process, Chief Executive Officer Changpeng “CZ” Zhao wrote in an email to Bloomberg News. He said that would be completed “in due course.”

Changpeng Zhao
Photographer: Wei Leng Tay/Bloomberg

If successful, this would mark the first regulatory approval for a Binance entity within the Middle East or North Africa. The exchange has been attempting to expand its regional footprint, particularly in the Gulf, ...