Binance, the blockchain and cryptocurrency infrastructure provider, has been granted a crypto-asset service license in Bahrain, the company announced Monday (March 14).
The decision from the Central Bank of Bahrain (CBB) represents a landmark for Binance to be licensed in the Middle East/North Africa region.
“Developing regulations aligned with global trends is a key objective for us at the CBB,” said Rasheed Mohamed Al Maraj, Governor of the Central Bank of Bahrain, in a statement.
Binance Founder and CEO Changpeng Zhao said the license from Bahrain is a milestone in the company’s journey to be authorized and regulated around the world.
Earlier this month, Binance resumed deposits into European Union banks and withdrawals of British pounds, after it was put on hold last year.
Read more: Binance Reopens Euro, British Pound Transfers
Advertisement: Scroll to Continue
The transactions can be completed through the Single Euro Payments Area (SEPA) payment network and the Faster Payments Services (FPS). Customers can access these services on their desktop or the app.
But the news hasn’t been all good for Binance.
Last month, the Financial Conduct Authority in the United Kingdom expressed concern about a deal that gives Binance access to Paysafe, the U.K.’s payments network. The regulator noted the deal would trigger significant risk for consumers.
See also: FCA ‘Concerned’ About Binance Accessing UK Payments Network
The deal was seen as a way to connect Binance and the U.K.’s financial network after it lost access to the Faster Payments network. The FCA had issued a consumer alert and ordered that company to stop all activities in the country.
The FCA said concerns about Binance remain after the Paysafe deal.
Paysafe acknowledged it is aware of the concerns and is subject to supervision consistent with the standard approach for firms of its size, according to the FCA.
