Binance, the largest cryptocurrency exchange platform, has received initial approval from the Central Bank of Bahrain.
The approval would make Binance the service provider of crypto assets in the Gulf country.
Vantage News learnt from an email to Bloomberg News by CEO Changpeng Zhao tha the platform still needs to complete an application process.
If successful, this will mark the first regulatory approval for the cryptocurrency exchange in the Middle East and North Africa. Binance is expanding its regional presence, as executives prepare to set up potential headquarters in the Gulf countries.
Bahrain has been one of the Middle East’s early adopters of digital assets.
The Gulf’s smallest economy approved the first licensed crypto-asset platform in the region, Rain Financial, in 2019, and granted another license to Manama-based CoinMENA earlier this year