Binance forges links in the Gulf as it seeks fixed base

Binance forges links in the Gulf as it seeks fixed base

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, as it moves away from portraying itself as a decentralised organisation with no fixed headquarters. Binance’s decision to seek a more traditional structure — with regional offices, headquarters and key regulatory links — marks a big concession to sustained pressure from financial watchdogs around the world.

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.

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.

Binance said the cryptoasset licence, the