Exchanges Prep for GCC Nod as Binance Bags Bahrain, UAE License

Binance announced that it obtained a license to offer its crypto exchange services to residents of Bahrain. According to the press release, this is Binance’s first license as an exchange within countries that belong to the Gulf Cooperation Council (GCC), a prominent region in the Middle East.

#TeamBahrain.#Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain. pic.twitter.com/Ndnb4xhA5y

— CZ 🔶 Binance (@cz_binance) March 14, 2022

As part of the license, Binance will now be able to offer fully-regulated crypto trading and custodial services to Bahrain. On top of these, the exchange can also begin managing the portfolio of interested customers in the country.

Binance obtained the license from Bahrain sooner than from the UAE, even though the exchange was reported to have been pursuing the approval from the latter since the start of the year.

That said, Binance has yet to reveal the status of its crypto exchange application with the UAE. Nevertheless, Binance has already received a virtual asset license in the emirate of Dubai.

In other news, crypto derivatives exchange FTX said that it also obtained the same license as Binance in Dubai. Moreover, FTX is planning to establish its regional headquarters in the said emirate.

These updates came alongside Dubai’s decision last week to regulate cryptocurrency-related businesses. The law includes cryptocurrency exchanges, NFT platforms, and more. In addition, Dubai has approved the creation of the Virtual Asset Regulatory Authority (VARA), which will become the regulatory body for crypto in the said emirate.