Crypto exchange Binance gets in-principle nod from Bahrain

FILE PHOTO: Illustration shows representation of Binance cryptocurrency exchange token
FILE PHOTO: Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration

December 27, 2021

DUBAI (Reuters) – Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to become a crypto-asset service provider in the kingdom, the company said on Monday.

Binance, the world’s biggest cryptocurrency exchange by trading volume, said the in-principle approval came after the company applied for a licence from the CBB as part of its plans to become a fully regulated centralised cryptocurrency exchange.

Binance still had to complete the full application process, the company said in a statement, which it said it expected to happen in due course.

(Reporting by Hadeel Al Sayegh; Editing by Nick Macfie)