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Binance has obtained approval in principle from the Central Bank of Bahrain to act as a cryptocurrency service provider in the country. The license is an element of Binance’s “plan to become a fully regulated centralized cryptocurrency exchange,” the cryptocurrency exchange explained in detail.

Binance gets approval in principle in Bahrain

Binance, a cryptocurrency exchange, announced that Mon has “have obtained approval in principle from the Bahrain Financial Institution (CBB) to determine that it is a crypto asset service provider in the Kingdom of Bahrain.” The company explained:

“The approval in principle was after Binance applied for a license from CBB as part of its plan to become a fully regulated centralized cryptocurrency exchange.”

The announcement pointed out that obtaining approval in principle means that Binance still needs to complete the complete application method, which the company expects to complete “in due course.”

According to the cryptocurrency exchange, CBB is “the first regulatory agency in the Middle East (MENA) region of North America to grant an associate degree approved in principle to a Binance entity.”

Binance Executive Changpeng Zhao (CZ) commented: “This approval confirms Binance’s commitment to fully comply with restrictive necessities and our broader commitment to conduct business and activities in Bahrain.”

In the past few months, Binance has been scrutinized by various regulatory agencies around the world, including the United States, the United Kingdom, African countries, Australia, Norway, the Kingdom of the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Baltic Republic.

In August, Binance stated that restricting compliance is its top priority. The company is moving from a decentralized business model to a centralized business model because it has moved from a technology company to a money services company.

In early December, Binance discovered that it was creating “significant changes” to become a fully licensed and compliant cryptocurrency exchange. “We have the ability to repair real offices, legal entities, correct boards and correct governance structures in most places,” Zhao said affirmatively.

The exchange stated in its announcement on Monday:

The development of Bahrain demonstrates Binance’s firm commitment to the Middle East and North America.