Binance Becomes Crypto-Asset Service Provider in the Kingdom of Bahrain

Binance is marking a significant achievement that also marks a boost for crypto mass adoption. This has been one of the main goals that the crypto space has seen and more moves are taking place in this direction.

Check out the latest reports coming from Binance.

Binance’s official blog post notes the following:

“Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the Kingdom of Bahrain. The in-principle approval comes after Binance applied for a license from the CBB as part of its plans to become a fully-regulated centralised cryptocurrency exchange.”

The same blog post noted this:

“The move from CBB makes it the first regulator in the Middle East North Africa (MENA) region to grant an in-principle approval to a Binance entity. The in-principle approval from CBB still requires Binance to complete the full application process, which is expected to be completed in due course.”

At the beginning of this month, we were revealing that Binance Asia Services, the Singapore entity of Binance, announced on Wednesday that it is acquiring an 18% stake in Hg Exchange.

This is a Singapore-based private securities exchange.

The BlockCrypto notes that it is not clear how much Binance Asia is investing in Hg to acquire the stake.

The same online publication notes that A Binance spokesperson declined to comment to The Block when reached.

The deal is subject to regulatory approvals, and an expected closing timeline is unknown, according to the very same notes.

The article also made sure to highlight the fact that the Hg Exchange (HGX) is a private securities exchange built on the Zilliqa blockchain, “which facilitates trading in tokenized shares of private companies. HGX is also working on listing alternative digital assets, including wine, art, and real estate, said Binance.”