The world’s biggest crypto exchange with transaction activity has total authorization from Bahrain’s monetary authority to function as a digital asset service supplier.
“Binance Holdings ltd. yet needs to finish the full registration procedure, which must be finished soon,” stated Changpeng, Chief Accountant Director.
Exchange expands its presence in the Middle East
This will be Binance’s first regulatory approval in the Middle East and North Africa if it is approved. As officials prepare to create a potential headquarters, the market is trying to grow its regional presence, particularly in the Persian Gulf.
The country’s central bank’s director of licensing, Abdullah Haji, said licensing was just a matter of technicalities once Binance met the institution’s necessity, and hailed the kingdom as the best location for the exchange’s regional headquarters.
Bahrain, the Persian Gulf’s smallest economy, is the first one in the region to embrace the digital asset market.