This approval comes after Binance applied for a license from the Central Bank of Bahrain (CBB) to take forward its plans to become a fully-regulated centralised cryptocurrency exchange. CBB is also the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity. But the approval still requires Binance to complete the full application process. The time to complete the project has not been announced yet.

Last week Binance signed a cooperation deal with Dubai World Trade Centre Authority and plans to set up a global virtual asset ecosystem. Changpeng Zhao, the CEO and co-founder of Binance, told the media, “I am grateful for the confidence the Dubai World Trade Centre Authority has placed in Binance. Together, we share a vision for helping Dubai embrace the new future economy that includes crypto and blockchain.”

The crypto giant will also participate in this knowledge-sharing ecosystem where the company will bring its knowledge and experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations.

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