- Binance Bahrain’s operation license has been upgraded to Category 4.
- The exchange becomes the first crypto exchange to hold a full Category 4 License.
- Category 4 license allows Binance Bahrain to provide a full range of crypto-asset exchange services.
The Central Bank of Bahrain (CBB) has granted Binance, one of the largest cryptocurrency exchanges, a Category 4 license to operate as a crypto-asset service provider (CASP).
This development came via the official website of Binance today, Thursday, May 26, 2022. Binance is the first crypto exchange to secure the Category 4 license from the CBB. It received a preliminary license earlier on in December last year.
By the provision of this license, Binance Bahrain can subsequently offer a wider range of crypto exchange services to crypto traders from Bahrain. Specifically, Binance will be offering its services under the supervision of the Bahrain regulators.
Richard Teng, head of MENA at Binance, said:
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.
In 2021, Binance came under attack from regulators in several countries, including the United Kingdom and Japan. Since then, it has been recruiting various means to beef up its compliance with various government authorities.
In related news, Binance will be aiding Kazakhstan in drafting crypto-related laws. This news comes after the meeting between Binance CEO Changpeng Zhao and Kazakhstan President Kassym-Zhomart Tokayev.
Under the agreement, the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan and Binance will also seek opportunities to incorporate banking infrastructure within the crypto market and manage the development and implementation of blockchain technology.
In addition, the Ministry and Binance will support Astana Hub among local and international talent, which will allow the creation of a regional blockchain hub.