Binance receives a category 4 license in Bahrain
The exchange is expected to roll out crypto services in the country by June
Image: Shutterstock
The Bahrain Central Bank has granted Binance, the world's largest cryptocurrency trading platform, a Category 4 license to operate as a crypto asset service provider. This is the first time the Central Bank of Bahrain has granted a cryptocurrency exchange full Category 4 status.
Binance received the highly sought "Category 4 license" two months after obtaining a full license to conduct crypto services in Bahrain, including trading, custody, and portfolio management. The exchange received preliminary clearance for the license in December, but it had to complete the entire application process to obtain a full license.
The exchange's approval for a Category 4 license is a significant step forward in its efforts to expand global financial freedom. Crypto traders from all around Bahrain will now be able to use the platform to buy and sell cryptocurrencies, as well as engage in spot and futures trading.
Richard Teng, Binance's Head of MENA, commented on the achievement, noting that it underscores Binance's dedication to working with regulators and becoming 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,” Teng said.
Binance will reportedly begin offering payment and trading services in Bahrain and Dubai in June. Even though the crypto exchange hasn't formally announced the opening of its regional office, this is expected to be carried out soon in both countries.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
