The Central Bank of Bahrain has awarded crypto exchange Binance a license that allows it to operate in the country, providing services including crypto trading, custody, and portfolio management services to Bahraini customers.

The license is Binance’s first in the Middle East/North Africa (MENA) region.“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” Changpeng Zhao, founder and CEO of Binance, wrote in a press announcement.Binance was granted preliminary approval for the license in December, but was required to complete the full application process before being awarded the full license.In 2021, Binance came under fire from regulators in a number of countries, including the United Kingdom and Japan.The oil-rich Kingdom of Bahrain, however, seems to regards Binance in a more positive light and sees the license as a step in the right direction for its nascent crypto industry.Khalid Humaidan, CEO of the Bahrain Economic Development Board, wrote: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. … Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”

Read more: Binance in Talks to Obtain Dubai License Amid Middle East Push: Report