Binance is linked to connections in the Golf, while it is looking for a fixed basis

Binance, the world's largest cryptocurrency exchange, is causing roots in the golf region because it tries to appease the global regulatory authorities by establishing a permanent home base and regulatory connections for its international business.

The group announced this week that it received cryptoasset licenses from both Dubai and Bahrain, since it turns away from presenting itself as a decentralized organization without a fixed headquarters. The decision of Binance to strive for a more traditional structure - with regional offices, main seats and important regulatory connections - is a great concession to the ongoing pressure of financial supervisory authorities around the world.

The CEO of Binance, Changpeng Zhao, described the license from Bahrain as "a milestone on our way to full licensing and regulation all over the world" and praised Dubai for his "unique operating model" for the crypto industry.

The green light from Bahrain on Monday marked the first major regulatory relationship for Binance's global business. Local units in the extensive network of corporate units of the group, including Great Britain, Singapore, Lithuania and Malta, carried out supervision or carried out key operations, but the international business - which is registered on the Cayman Islands - has refused to become special responsibility.

Binance said the cryptoasset license that Bahrain's first approval issued by Bahrain would enable the company to offer cryptoasset trade, custody services and portfolio management for customers.

The company announced on Wednesday that it received a license for virtual assets from a new supervisory authority for virtual assets in Dubai, which enables it to operate as the basis for regional expansion as part of the "test adaptation scale" model.

The permits from Dubai will enable Binance to extend limited stock market products to pre -qualified investors and professional financial service providers. The company will also build a "blockchain technology hub" in the Dubai World Trade Center.

But the search of the stock exchange for a home base has not yet ended. A source near the company said that it is not planning to build its headquarters in Bahrain.

The license in Bahrain may not be enough to convince the western supervisory authorities that Binance is adequately monitored in key areas such as money laundering and consumer protection. "It's better than nothing, but not enough to make a significant difference in the USA and Europe," said a former US regulatory officer.

The competing Stock Exchange FTX also received a license from Dubai on Tuesday and said that she would set up a regional headquarters in the city.

Zhao from Binance recently said the Financial Times that he was now in Dubai, where he bought a house last year after having previously managed the Global Group from Singapore.

Last year Richard Teng, a former Singaporian regulator and high -ranking officials in the international financial center of Abu Dhabi, appointed Chief Executive of his branch in Singapore, which fueled speculation that the company could try to make the city -state its official seat.

The Singapore unit of the Börse, however, dropped its application for a license to operate a crypto business in the country after the supervisory authorities had instructed Binance Singapore to stop all crypto transfers with the global stock exchange Binance.com that the supervisory authority had put on an investor warning list said "Could violate local laws".

Teng has now been appointed regional head of the stock exchange for the Middle East and North Africa.

The licensing of Binance by the Central Bank of Bahrain marks the beginning of a struggle between the regional financial centers for supremacy in the cryptocurrency area. Bahrain, once the Financial Center of the Middle East, has identified cryptocurrencies and fintech as areas in which it can gain dynamics again towards its regional competitors.

Dubai's introduction to cryptocurrencies comes at a sensitive time for the United Arab Emirates. At the beginning of this month, the country was placed on the "Gray List" of the Financial Action Task Force of Jurisdiction, which is increasingly monitored to combat the measures to combat money laundering.

Some officials of the VAE who are careful to delete the country from the gray list as quickly as possible have declared that they fear that the recording of cryptocurrency companies and binance will hinder the latest attempts in the country to act against illegal money.