• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Binance Acquires Its First License In The Gulf Cooperation Council (GCC)

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
March 15, 2022
in Uncategorised
Share on FacebookShare on Twitter

The world’s largest crypto exchange platform Binance has received a crypto asset service provider license from Bahrain’s central bank. The license acquired by Binance is the first of its kind in the Gulf Cooperation Council (GCC), according to what the company and Bahrain’s central bank said.

In a joint statement with Bahraini authorities, Binance CEO Changpeng Zhao said that “The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” adding that the regulatory requirement set by the authorities will “protect users with strong anti-money laundering and counter-terrorism financing policies.”

The license which is a big win for Binance comes after the exchange platform has faced regulatory scrutiny from regulators around the world. Some went as far as preventing the exchange platform from carrying out some activities stating that it was not licensed to perform them. The license acquired by Binance in Bahrain will see it be able to perform crypto asset trading, custodial services and portfolio management.

Binance is trying to strengthen its presence in the GCC region and is already taking action in the United Arab Emirates (UAE). In December last year, the exchange platform said it was working alongside the Dubai World Trade Centre (DWTC) to set up an international virtual asset ecosystem as well as with the development of virtual asset regulations.

In the wake of the Russian-Ukraine conflict, the Ukrainian government has urged exchange platforms to block the accounts of Russian users. The exchange said it will not be freezing the accounts of its Russian users following a plea from the Ukrainian Vice Prime Minister and Minister of  Digital Transformation. “We are not going to unilaterally freeze millions of innocent users’ accounts. Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists,” a Binance spokesperson said.

Related Posts:

  • The Dutch Central Bank (DNB) Fines Crypto Exchange Binance 3.3 Million Euros For Offering Services Without Being Registered
    The Dutch Central Bank (DNB) Fines Crypto Exchange…
  • Xbox-Game-Pass_Hero-hero
    Binance To Acquire Rival Exchange FTX
  • cz-binance-1260×690
    Binance Is Set To Increase Its Workforce By 15%-30%…
  • img_195899_shutterstock_2155638107_bg
    Blockchain.com Receives License To Offer Payment…
  • Binance Now Allows Naira Deposits And Withdrawals Irrespective Of The crypto Ban
    Binance Now Allows Naira Deposits And Withdrawals…
  • RT7YEBQ2Y5OTFAPMEIUUQSOKIE
    Binance Nigeria Is An Illegal Operations Per The SEC…
  • images (4)
    Binance Introduces a User—Friendly Integration,…
  • Changpeng Zhao
    Binance Founder CZ Has A New Title; Richest US Inmate

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025
    • OpenAI Upgrades Operator Agent’s AI Model May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok