Binance steps into the Middle East via Bahrain
Binance, the world’s largest cryptocurrency exchange, has its first licensed presence in the Middle East. The company has been given a licence to operate in Bahrain.
This is the first such licence that has been provided by the Gulf Cooperation Council (GCC). It permits crypto-asset trading, custodial services and portfolio management. Binance isn’t new to the Middle East itself (it has a growing presence in the UAE, and has worked directly with organisations there). However, this licence will take Binance a step closer to its goal of being properly regulated across the world.
“The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” Binance Chief Executive Officer CEO, Changpeng Zhao, was quoted as saying in a statement.
It’s easy to understand Binance’s strategy here. Getting the early-mover advantage on being regulated will stand the company in good stead as governments and regulatory bodies inevitably catch up. Furthermore, being seen as a positive and legitimising force on the global crypto industry will help Binance engage with policymakers and the community more favourably.
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