Binance is Legally Approved to Offer Cryptocurrency Services in Bahrain

The world’s leading cryptocurrency exchange Binance is clearly showing its ambitions to “expand” in the Middle East, having just reached another landmark agreement with the nation of Bahrain.

Binance is Legally Approved to Offer Cryptocurrency Services in Bahrain
Binance is Legally Approved to Offer Cryptocurrency Services in Bahrain

Specifically, on December 27, Binance received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto asset service provider in the country. Binance has applied for a license from CBB as part of its plans to become a fully regulated centralized crypto exchange.

The move makes CBB the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a crypto exchange like Binance. The in-principle approval from CBB still requires Binance to complete the full registration process, which is expected to be completed on time.

It seems that Binance is speeding up its plan to “acquire” the Middle East with its brand presence throughout the region, after having “troubled” to establish a conciliatory relationship with the authorities recently. .

Earlier in early December, Binance established an agreement with Dubai to jointly build a global crypto hub, which is determined to fully open crypto in order to promote mass adoption after the official release of the crypto currency. opening of crypto-asset trading following an agreement between regulators in September.

This is also relatively understandable since the Middle East is being seen as the new "gold mine" for the crypto industry. The KIKLABB Free Economic Zone in Mina Rashid, Dubai has become the first UAE government agency to accept Bitcoin. Besides, large investment funds in this area also started to act more aggressively into the market.

These include IBC Group investing $ 4.8 billion in Bitcoin in Miami, FD7 investment fund accepting to sell $ 750 million in BTC to place expectations on Cardano (ADA) and Polkadot (DOT), Phoenix Technology Consultants company ordered to buy. $650 million Bitcoin miners and Mubadala Investment, one of the richest investment funds in the UAE, are considering investing in cryptocurrencies.

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