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 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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