Binance gets licence to offer cryptocurrency services

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Binance gets licence to offer cryptocurrency services
Binance gets licence to offer cryptocurrency services

To operate as a crypto-asset service provider from Bahrain’s Central Bank, the world’s largest cryptocurrency trading platform, Binance has received a category 4 licence

Bahrain’s Central Bank has given a new licence to the blockchain and cryptocurrency firm Binance to offer a “full-suite of crypto exchange services”, a statement from the company said.

To operate as a crypto-asset service provider from Bahrain’s Central Bank, the world’s largest cryptocurrency trading platform, Binance has received a category 4 licence.

With Binance being told not to operate in several countries, cryptocurrency exchanges have come under heat around the world for failure to regulate. Traders have been warned against using the unregulated products they offer.

But by saying they want to work with regulators, Binance has pushed back against this. To operate in Italy and France, the platform has recently received regulatory approval.

“The upgrade to a category 4 licence in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange. This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well regulated environment,” Richard Teng, head of MENA at Binance, said in a statement.

Binance has eyed Bahrain and the United Arab Emirates as cryptocurrency hubs, given their existing regulatory frameworks, sandboxes, and desire to host pioneering financial services.

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