Binance kick-starts its platform in Bahrain
The world’s largest crypto exchange has been expanding its reigns even in the bear market. Over the past few months, it has acquired operating licenses from different nations across the globe.
Last week, the exchange managed to garner a thumbs-up from the Cyprus Securities and Exchange Commission [CySEC] by acquiring a class 3 registration as a crypto asset services provider. Before that, at the beginning of the month, it received a regulatory license in Kazakhstan.
Also Read: Binance: Kazakhstan’s Central Bank to use BNB Chain for its CBDC
Binance’s Bahrain platform launched
Similarly, back in May, the Central Bank of Bahrain [CBB] granted the exchange, a crypto-asset service provider license. Obtaining the license gave Binance permission to provide a host of crypto-related services like trading, custodial services as well as portfolio management.
The exchange was able to obtain preliminary clearance for the license as early as December. The crypto platform, however, was required to complete the entire application procedure in order to obtain a legal license.
Read More: Binance to explore Bahrain shores with an official license
Now, the exchange has finally put to sea its platform in Bahrain.
Announcing the same, Binance’s blogpost noted,
“Following receipt of its license as a Crypto Asset Service Provider (CASP) in May 2022, Binance launches its Bahrain platform – binance.bh, a fully regulated platform by the Central Bank of Bahrain.”
Resultantly, users can now access Binance’s regulated crypto-asset exchange services as well as local banking options that encompass direct deposits and withdrawals in local currencies, under the supervision of the Central Bank.
It is worth mentioning that, before launching its platform in Bahrain, the exchange also opened two of its offices in the Brazilian cities of Sao Paulo and Rio de Janeiro in early October as a part of its expansion plan.
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