Binance has been considering the idea of officially licensing it to operate in multiple countries for several months now. This is because most of the regulators around the world have investigated the exchanges while making accusations against them.
The regulator pointed out that the company is no longer regulated because it has not provided the necessary documents to go through the procedure. However, Binance’s offer for a working license could already be worked out after the crypto exchange was granted a temporary license to operate in Bahrain.
Binance has to do inspections to get full license
A statement from a cryptocurrency exchange announcing a temporary license indicates that the country’s central bank in North Africa was the first to issue licenses across the region. Even though a temporary license has been granted, the Central Bank of Bahrain still authorizes Binance to fulfill the full requirements for full and permanent approval.
Obtaining a permanent license from Binance is a matter of when, not if, according to one top executive at the financial institution. In a statement cited by Bloomberg, he mentioned that cryptocurrency exchanges are going through much-needed formalities.
Stock market continues to face regulatory problems
In a statement, CEO Abdullah Hadji mentioned that Binance’s decision to establish a licensed base for operations in the country was a good move for them. Binance CEO Changpen Zhao announced the update in a tweet this morning on Twitter. In a statement, the new license will help them realize their long-standing dream of advancing cryptocurrency adoption.
Bahrain has been issuing operating licenses to the company since 2019 after BitMEX-backed Rain Financial obtained its license in the country. The latest announcement has also fulfilled the dream of a decentralized exchange without a functioning central office.
Prior to today’s announcement, Binance was ready to take every opportunity to settle in Dubai as it is one of the partners in the Dubai crypto hub initiative. As mentioned earlier, the company made headlines this year for less than good reasons. In addition to the many regulators warning investors, others appear ready to take action against them for illegal activity. A recent example is Binance’s base in Turkey, which was fined around $750,000 for violating money laundering laws.