The Central Bank of Bahrain has awarded Binance, the world's largest cryptocurrency exchange, a license to operate in the country, marking the crypto exchange's first license from a Gulf Cooperation Council (GCC) member state.
Binance CEO Changpeng Zhao shared a snapshot of his meeting with Bahrain's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa on Twitter, expressing his delight.
This new cooperation with Bahrain represents a watershed moment for Binance in the cryptocurrency world. This will help the company achieve its objective of "becoming completely licensed and regulated all around the world."
Zhao conveyed his gratitude to the prince further by saying:
"I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, and Prime Minister, for the great work in facilitating this achievement."
Sheikh Mohammed bin Salman bin Hamad Al Khalifa was joined at the meeting by Central Bank Governor Rashid Al-Maraj. Bahrain's financial services and digital technology sectors are increasing, according to the prince, and producing fantastic jobs for Bahrainis.
Bahrain's outstanding economic environment, according to Prince Salman, boosts the country's competitive position and overall growth.
He applauded international corporations for their efforts in managing digital assets and acknowledged their significance in furthering the world's digital transformation, notably in financial services and digital technology.
Zhao stressed Bahrain's tremendous potential for economic development and investment during the meeting and wished the country continued progress and prosperity.
Binance is also growing its footprint in the United Arab Emirates, according to recent reports. Zhao established a partnership with the Dubai World Trade Centre (DWTC) to assist in the drafting of virtual asset legislation and the establishment of an international virtual asset ecosystem.