Binance Bahrain has received a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB). The Category 4 license will allow Binance Bahrain to provide a full range of crypto-asset exchange services. In close cooperation with the CBB, Binance Bahrain is paving the way toward a bright crypto future in the Kingdom of Bahrain.
Binance announced in May that Binance Bahrain received a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB) On May 24, 2022. Binance Bahrain can now offer a wider range of crypto exchange services to users in Bahrain, helping Binance increase the freedom of money globally. Especially important is that Binance Bahrain will be the first exchange to be granted a category 4 license by the CBB.
“The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange.” - Richard Teng, Head of MENA at Binance
By granting the license, Bahrain is well on its way to becoming a leading global hub for crypto in the area. Specifically, the Category 4 license will allow Binance Bahrain to offer crypto-asset exchange services to customers under the supervision of the Bahrain regulators.
What Role Does the Central Bank of Bahrain Play?
The Central Bank of Bahrain (CBB) is a public corporate entity established and created on September 06, 2006. The CBB manages monetary and financial stability in the Kingdom of Bahrain and succeeded the Bahrain Monetary Agency (BMA).
The CBB implements Bahrain’s monetary and foreign exchange rate policies, manages government reserves and debt issuance, and issues the national currency much like any other typical central bank.
More recently, it’s also provided an efficient regulatory framework for crypto financial services firms in Bahrain looking to work with crypto.