Two months after Binance received an operational license as a crypto-asset service provider from the Central Bank of Bahrain (CBB), the cryptocurrency exchange has also obtained the highly-coveted “Category 4 License” in the Kingdom of Bahrain.
According to a Binance press release this week, the new license will allow the asset service provider to offer its full range of products and services in the region under the supervision of the Bahrain authorities.
Crypto traders across the country will be able to use the platform to buy and sell cryptocurrencies and engage in both spot and future trading, among others, while complying with the country’s policies on the asset class.
The release also noted that Binance is the first cryptocurrency exchange to obtain a Full Category 4 license from the Central Bank of Bahrain.
Speaking on the latest achievement, Richard Teng, Head of MENA at Binance, noted that this operational license demonstrates Binance’s commitment to working with regulators and being a compliant exchange.
“The upgrade to a Category 4 license 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,” said Teng.
Earlier in March, Coinfomania reported that Binance had received an operational license in another Middle East region, Dubai, to offer a small range of products and services to users in the location.
Binance said it plans to launch its payment and trading services starting in June in both Bahrain and Dubai respectfully. Although the crypto exchange has not officially announced the opening of a regional office, there is speculation that it will launch a physical office in both countries in the near future.
Binance Wins French Regulatory License
As the largest crypto exchange in the world with the goal of increasing crypto adoption by expanding its services across the world, Binance has recently entered into the European market by obtaining a French License.
The French Financial Service Coordinator, Autorité des marchés financiers (AMF), has granted the company an asset service provider license to offer its products in the country. Binance can now service French users with the license.