Binance becomes first regulator in MENA region, to provide crypto-asset services in Bahrain

Binance, the world's largest crypto exchange by volume, said on December 27 that it had received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the country. Binance had applied for a license from the CBB as part of its plans to become a fully-regulated centralised cryptocurrency exchange.

The move from CBB makes it the first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity, the crypto exchange said in an official statement.

The in-principle approval from CBB still requires Binance to complete the full application process, which is expected to be completed in due course, it added.

Earlier in December, Binance signed a cooperation deal with Dubai World Trade Centre Authority, which is working to set up an international virtual asset ecosystem. The Dubai World Trade Centre (DWTC) said that it would become a crypto zone and regulator for cryptocurrencies and other virtual assets, as the United Arab Emirates seeks to attract new business amid regional competition.

Financial regulators across the world have this year targeted Binance, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.