Crypto exchange Binance launches platform in Bahrain
Bahrain users will now be able to access the Binance platform to make crypto-asset exchange-related transactions.
, one of the world's largest crypto exchanges by trading volume, has launched Binance.bh, backed by Central Bank of Bahrain (CBB) and the Economic Development Board.
Users can access the platform to access Binance's regulated products and make crypto-asset exchange related transactions in local currencies. It will enable this by connecting the users' bank accounts with the Binance.bh account. The regulated products and services comprise direct top-ups and withdrawals.
On May 19, 2022, the Bahrain platform got licensed as a Crypto Asset Service Provider/Category-4 (crypto-assets Exchange).
Binance views Bahrain as a "key business hub", as stated in a press release shared by Zawya. The country is expected to facilitate growth and employment within the industry.
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Binance is working towards increasing financial freedom for users. Its products and offerings comprise research, crypto trading, decentralisation and infrastructure solutions, among others.
Partnership with regulated entities fall in line with Binance’s Middle East expansion plans.
In November 2022, Binance obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM). With this, it had gained the regulator's approval for enabling crypto custody services in the UAE.
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Edited by Teja Lele