Binance to Expand its First Gulf Region After Receiving Regulatory Approval in Bahrain

Binance recently received tentative regulatory approval from Bahrain, which allows the company to act as a crypto service provider. The approval made way for the expansion of its first-ever gulf region.

Binance still needs to complete the whole application process. The company applied for a license with its plans to become a fully-regulated exchange in Bahrain.

The CEO of Binance, Changpeng Zhao has said that the approval recognises the commitment of the company for fully regulatory requirements and to anchor operations and activities in Bahrain.

The company has said if it is finalised, the Central Bank of Bahrain will become the first regulator in the Middle East-North Africa region to approve the Binance entity.

It is a significant step for the company to establish its presence in the region. The CEO, Changpeng Zhao has also bought a house in Dubai to show support for the crypto-friendly city. Binance has also signed a Memorandum of Association with Dubai for the establishment of a digital assets industry hub.