Binance, the world’s largest cryptocurrency exchange, is setting down roots in the Gulf as it seeks to placate global regulators by establishing a fixed home base and regulatory ties for its international business. The group this week announced that it had secured cryptoasset licences from both Dubai and Bahrain.
Binance chief executive Changpeng Zhao described the licence from Bahrain as “a milestone in our journey to being fully licensed and regulated around the world” and praised Dubai for its “unique operating model” for the crypto industry. Highlight text The green light from Bahrain on Monday marked the first big regulatory relationship for Binance’s global business. Local units in the group’s sprawling web of corporate entities have applied for supervision or based key operations in several countries including the UK, Singapore, Lithuania and Malta, but the international business — which is registered in the Cayman Islands — has resisted being tied to a particular jurisdiction.