Binance to Offer its Services in the Kingdom of Bahrain

8:54 am, Tue, 15 March 22

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Binance is one of the most prominent crypto exchanges in the market. It is the world’s largest crypto exchange, however, its impressive trading volume is not the only reason for its popularity and success.

This exchange is known to extend its services to a large audience all over the globe. As per reports, it will now also be operating in the Kingdom of Bahrain after the Central Bank of Bahrain gave the go-ahead.

This is a major step for the popular crypto exchange and also for crypto enthusiasts in the country. The Binance exchange offers some of the best and most impressive features and services to the users, making it an outstanding platform to be used by novice and experienced parties alike.

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Is the Approval by Bahrain Beneficial for Binance?

As mentioned earlier, Binance is a well-known exchange that has a vast customer base. However, due to regulatory strictness and scrutiny, this exchange has not been able to extend its services to several countries around the world. Some of the countries that have not approved Binance’s operations include:

  • The United Kingdom
  • Japan
  • Germany

However, according to reports, the Central Bank of Bahrain has approved Binance’s operations in the country today. This is the first regulatory approval for Binance in the Middle East, which is a major step of success for the exchange.

The prominent crypto exchange is reportedly looking to expand its operations in the region, which also includes setting up headquarters in Dubai.

The crypto-asset service provider license by Bahrain allows the firms to provide:

  • Custodial services
  • Digital currency trading
  • Portfolio management to customers

These services are offered to the users under the supervision of the Bahrain regulators.

It has also been reported that the Dubai World Trade Centre Authority is developing a crypto regulatory framework and the Binance exchange has been assisting.

The Kingdom of Bahrain also sees its Binance approval as a step towards an innovative regulatory framework.

Governor of the Central Bank of Bahrain, H.E. Rasheed Al Maraj stated:

Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices,”.

What Should Crypto Investors Know?

If you are also looking to invest in crypto then there are a few aspects you need to be familiar with first. Finding a secure crypto exchange that ticks all the right boxes for you in terms of features and services offered is one of the most important steps every novice party should take. A suitable exchange can help eliminate unnecessary obstacles and make it easier for beginners to purchase the digital asset they are interested in.

People looking to step into the crypto space for the first time should also be familiar with the volatility associated with the crypto space. The prices of digital currencies fluctuate a lot, therefore, if you are interested in a cryptocurrency make sure you also keep an eye on its price movement before buying it.

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