Binance Receives In-principle Approval from Bahrain Central Bank
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Cryptocurrency exchange Binance has received in-principle approval as a cryptocurrency service provider from the Central Bank of Bahrain (CBB).

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According to an official announcement, the approval allows Binance to offer services as a crypto-asset service provider. The exchange said:

"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."

Binance CEO Says CBDCs Will Not Replace Bitcoin

Binance noted the approval from the central bank still requires Binance to complete the full application process. The move comes after Binance announced a new layer of user protection with the implementation of ‘Project Shield’.

As iHodl reported, BEP-20 and ERC-20 based projects listed on the Binance centralized exchange will now be audited by Project Shield, a blockchain-forensic firm. Fees for audits will be covered by Binance and this is the first time that a crypto exchange applied this kind of protection.

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