Blockworks

Ripple has entered a strategic partnership with Bahrain Fintech Bay, the Kingdom’s leading fintech hub, marking a significant expansion of its Middle East presence.



<a href="https://ripple.com/ripple-press/ripple-expands-into-the-kingdom-of-bahrain-through-strategic-partnership-with-bahrain-fintech-bay/">Announced</a> Thursday, the collaboration will focus on strengthening Bahrain’s digital asset and blockchain ecosystem through pilot projects, educational initiatives, and ecosystem events.&nbsp;



Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the company aims to help Bahrain advance its blockchain infrastructure while preparing to offer Ripple’s digital asset custody solution and Ripple USD (RLUSD) stablecoin to local institutions once approved.



Bahrain Fintech Bay Chief Operating Officer Suzy Al Zeerah emphasized the Kingdom’s growing role as a digital finance hub, noting that the partnership aligns with Bahrain’s long-standing position as a regional financial center.



Ripple’s involvement includes showcasing blockchain use cases such as cross-border payments, stablecoins, and tokenization, underscoring its focus on institutional-grade digital asset infrastructure.



Ripple’s renewed momentum comes on the heels of major regulatory and strategic wins — notably securing a DFSA licence in Dubai to offer regulated crypto payments from the DIFC, the acquisition of prime broker Hidden Road for $1.25 billion, and fresh institutional tie-ups tied to its RLUSD stablecoin, such as the DBS / Franklin Templeton integration.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Bahrain

Ripple partners with Bahrain Fintech Bay to boost digital asset innovation

Sam Reynolds

<div id="highlights-block_61c9affe064de" class="highlights">
 <ul>
 <li>Binance has obtained its first regulatory approval in the Middle East, via an approval-in-principal from the Central Bank of Bahrain for a crypto-asset service provider license</li>
 <li>The exchange appears to also be in the process of registering an entity in Canada as it&#8217;s applied for a money services business license with Fintrac — the Canadian equivalent to Fincen</li>
 </ul>
 
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Bahrain, not the United Arab Emirates, may be first country in which Binance is licensed as the <a href="https://www.prnewswire.com/news-releases/binance-awarded-in-principle-approval-as-a-crypto-asset-service-provider-in-the-kingdom-of-bahrain-301450849.html" target="_blank" rel="noreferrer noopener">exchange announced</a> today it has received in-principle approval from the Central Bank of Bahrain to establish itself as a crypto-asset service provider in the kingdom.



&#8220;Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption,” Changpeng Zhao, CEO of Binance, said in a press release. “The approval recognizes Binance&#8217;s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.&#8221;



The approval-in-principle is part of Binance’s plan to become a fully regulated centralized cryptocurrency exchange by obtaining licenses in key markets around the world. Abdulla Haji, a director at Bahrain’s central bank, <a href="https://www.bloomberg.com/news/articles/2021-12-27/binance-gets-its-first-gulf-crypto-regulatory-nod-in-bahrain" target="_blank" rel="noreferrer noopener">told Bloomberg</a> that finalizing the licensing is “a matter of formalities” once Binance establishes itself in-country.



Earlier this month, Binance announced that it was working with regulators in the United Arab Emirates to accelerate crypto adoption. The <a href="https://www.binance.com/en/support/announcement/46d81eb19a224cba807e078dc95aa886" target="_blank" rel="noreferrer noopener">exchange announced</a> that it had signed a memorandum of understanding with the Dubai World Trade Centre Authority to help establish a global hub for virtual assets in Dubai. Regulators within the UAE <a href="https://www.reuters.com/world/middle-east/uae-regulator-agrees-support-crypto-assets-trading-2021-09-22/" target="_blank" rel="noreferrer noopener">have been generally supportive </a>of the crypto industry, and it is thought that Binance will eventually establish its centralized headquarters in Dubai.



<iframe src="https://www.google.com/maps/embed?pb=!1m18!1m12!1m3!1d4031052.18622089!2d51.94100751342727!3d25.20811399049203!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x3e48524e6a47a211%3A0x2e9450e2dbda1046!2sBahrain!5e0!3m2!1sen!2sde!4v1640609040310!5m2!1sen!2sde" width="600" height="450" style="border:0;" allowfullscreen="" loading="lazy"></iframe>



For a while, Singapore looked <a href="https://cms.blockworks.co/binance-continues-to-plant-seeds-for-singapore-move/">destined to become Binance’s headquarters</a>, though that’s no longer the <a href="https://cms.blockworks.co/singapores-monetary-authority-places-binance-mothership-on-investor-alert-list/" target="_blank" rel="noreferrer noopener">case after relations with regulators there soured</a>. Binance withdrew its application for a crypto license with Singapore’s regulator in mid-December, although Binance says that was because it has invested in a local licensed exchange, <a href="https://cms.blockworks.co/binance-says-singapore-license-withdrawal-due-to-redundancy-not-aml-shortcomings/">making obtaining its own license redundant</a>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;



At the same time it appears that Binance is making inroads into establishing a licensed operation in Canada, <a href="https://twitter.com/thesamreynolds/status/1475427580233003010">registering an entity</a> with a Calgary, Alberta address as a money services business with Fintrac, the Canadian equivalent to Fincen. The next step would be registration with <a href="https://asc.ca/-/media/ASC-Documents-part-2/Market-Reg/Registered-Firms-Based-in-Alberta.pdf" target="_blank" rel="noreferrer noopener">Alberta’s securities regulator</a> (securities are a provincial affair in Canada), which might happen later this week as offices reopen after the Christmas holiday.



Binance CEO Changpeng Zhao <a href="https://www.forbes.com/profile/changpeng-zhao/?sh=3a2074026277" target="_blank" rel="noreferrer noopener">is a Canadian citizen</a>.



Binance’s BNB token is set to open the North American Monday trading session at $548, up 1% over the past 24 hours, <a href="https://www.coingecko.com/en/coins/binance-coin" target="_blank" rel="noreferrer noopener">according to CoinGecko</a>.




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