The founder and CEO of Binance, Changpeng Zhao (CZ), said: “The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the great work in facilitating this achievement.
“Team Bahrain has shown considerable foresight in its development of crypto regulations and provides the regulatory protections that consumers should come to expect from regulators around the world.”
Zhao added: “I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”
The governor of the Central Bank of Bahrain, Rasheed Al Maraj, said: “Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
The CEO of the Bahrain Economic Development Board (EDB), Khalid Humaidan (above), added: “Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors.
“Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub.”
In December 2021, Arabian Business reported that Binance Holdings Ltd held discussions with regulators in the UAE about a potential headquarters in the Gulf Arab nation.
Executives at the world’s largest cryptocurrency exchange by trading volume had been in talks with officials from special economic zones Abu Dhabi Global Market, Dubai International Financial Centre, and Dubai Multi Commodities Centre about a potential move.
Binance has also tapped former senior officials at the economic zones – Mark McGinness from Dubai Financial Services Authority, which regulates DIFC, and Matt Gamble from ADGM – in recent months, according to company announcements.
