Although cryptocurrencies are increasingly used for transactions and purchases, their legality still remains in the shadows in many regions. This significantly hinders the firms’ ability to acquire customers across countries. Due to this, many firms have expressed their willingness to work with the expectations of the world countries. Along this line, Binance now becomes the first licensed Crypto Asset Service Provider in the Arabian Gulf with a license from the Kingdom of Bahrain.
Despite the criticisms of illicit activities and money laundering, the governments gradually are understanding the bright future of cryptocurrencies. Particularly, those countries from the economically less developed regions seem keen on adopting cryptocurrencies. Joining this list is the Kingdom of Bahrain, which granted Crypto Asset Service Provider license to Binance. This move by this Middle Eastern country is expected to lead to a symbiotic relationship between DeFi and the Bahraini economy.
This will also be a milestone in the journey of the Binance Smart Chain. The exchange’s robust plans for business acquisition seemed to have paid off with this new license. Now, Binance would not just expand its business but also open new avenues for cryptocurrencies in the regions surrounding the Arabian Gulf. Binance is already a leader when it comes to crypto-related services and offers more than 300 cryptocurrencies to trade with. The native BNB tokens are one of the valuable crypto assets in the market and are currently traded for well over $366. The price might even reach $1000 by the end of this year as Binance’s business expansion has so far been successful. Learn more about the firm from this full review of Binance exchange.
Binance received the new license after exhibiting the prowess of its security infrastructure to the administration of the Central Bank of Bahrain. This license is the first of its kind in the Gulf Cooperation Council. There is a clear change of opinion about crypto in the Middle East. It also signifies the emergence of a coalition of smaller economies entering and being supportive of the cryptocurrency market. This list includes countries like Ecuador, El Salvador, Nigeria, and, now, Bahrain.
The new license also makes clear that Binance’s plans for mainstream adoption revolve around providing a regulated framework for the DeFi. This is the reason why the exchange has been showing a great deal of interest in entering the coalition with world countries. The exchange platform was recently forced to shut down its business in the United Kingdom following concerns about money laundering and the facilitation of illicit activities. Since then, the exchange has built its very own payments app and made changes to the infrastructure. After this display in Bahrain, Binance is making up for the ground it has lost recently.