Binance (BNB) is going big. From signing a deal last week with Dubai World Trade Centre (DWTC) on virtual asset regulation, Binance has now received approval from Bahrain's central bank (BCB) to be a crypto-asset service provider. Binance is the world's largest cryptocurrency exchange by trading volume, and this deal is just another addition to its conquests. However, caution is advised. Binance recently withdrew from Singapore as it failed to fulfil the Monetary Authority’s requirement for protection against money laundering and terrorism financing.

Bahrain is the Gulf's smallest economy, and Rain Financial (RAIN) became its first licensed crypto-asset platform in 2019. While this partnership will encourage the use of digital currencies and innovation in Bahrain, it will also help Binance expand its regional footprint. Vroom Vroom… it’s the sound of the Binance bike touring the Gulf.