Despite being a small island nation, Bahrain has long been hailed as a regional hub for trade, finance, and modernization. The archipelago is where Husain Ghuloom calls home. Husain manages Binance’s compliance efforts in Bahrain, but that’s only his job description. Husain is also a doting father of two, an admirer of our feathered friends, a proud “tech nerd,” and an unyielding explorer of wisdom.
Even as a compliance expert with over a decade of experience, Husain still sees himself as a student with much to learn. After all, the quest for knowledge is an endless expedition – one that Husain finds great joy in. His curiosity and passion are guiding him on this path.
“My journey has been driven by a constant hunger for knowledge and an unyielding curiosity, always pushing me to explore, learn, and grow.”
From TradFi to Fintech
Hailing from a family of bankers, Husain finds much of his roots embedded in traditional finance. Considering these origins, perhaps he was predestined to explore the depths of the financial world. Husain grew up in Bahrain, but his thirst for knowledge eventually led him to study business management abroad – in the English city of Newcastle. He describes the experience as enlightening, with the contrast between the UK and Bahrain expanding his horizons on the world and nurturing his independence.
As he was approaching graduation, Husain realized he wanted to positively impact the world with his work. He knew the best way to do so was by contributing to the creation of a safer, better financial ecosystem, particularly for his beloved homeland of Bahrain. It was this imperative that led him to the field of compliance.
Returning home
Husain has always been passionate about his home country. He speaks about Bahrain with an energy that radiates the warmth of home, hailing its cultural diversity, storied past, and triumphant present as a financial hub. In particular, Husain describes the joy of exploring Bahrain’s capital city of Manama, strolling through its historical souq on cool winter days, and relishing traditional Bahraini breakfasts at local coffee shops.
“I am confident that, regardless of how much more of the world I get to see, it will be a challenge to find a place as distinctive as my beloved Bahrain,” says Husain.
Upon returning from the UK, Husain quickly put his newfound passion to work, serving his country by creating a more transparent financial ecosystem. He began this journey in the insurance sector as a compliance associate with the t’azur Takaful Insurance Company before climbing the ladder to become a money laundering reporting officer (MLRO) for the first time in 2014.
Initially, though Husain hadn’t explicitly intended to venture into compliance, what intrigued him about the field was the insight it offered into corporate behavior. Compliance officers and MLROs must have an intimate awareness of a company’s operations to ensure transparency and accountability under the relevant regulatory frameworks.
As Husain delved deeper into this field, he found a particular niche in financial crime compliance that truly resonated with him. The specialization gave him a sense of serving society, as he was actively working alongside law enforcement to mitigate financial crime risks and create a safer financial ecosystem.
Embracing fatherhood
After cutting his teeth on insurance, Husain moved onto the world of banking, taking a page from the book of his family members. Relocating to Oman for the opportunity to work with HSBC, one of the world’s largest banks, Husain began managing financial crime compliance on a global scale. Here, Husain’s expert status began to materialize. Having followed his hunger for knowledge and passion for growth, he stood near the peak of the traditional finance world in his respective role and market.
Yet, it was also here that Husain would face his biggest challenge and learning opportunity yet: fatherhood. He describes his time in Oman as the first “real test” of independence, as becoming responsible for another person’s life granted an enhanced sense of accountability and responsibility toward what truly matters.
Breaking into fintech
In 2018, Husain noticed the traditional finance world was increasingly being shaken up by the growth of the fintech industry. Seeing this trend and curious about the pronounced impact of technology on finance, Husain decided to jump ship, hopping aboard a startup challenger bank named ila Bank. Putting his expertise to work, he succeeded in helping the bank get on its feet, gaining new insight into the possibilities of finance and technology.
As an aficionado of cutting-edge technology, Husain takes pride when others categorize him as a “tech nerd.” Plunging into the uncharted territories of fintech appealed to this passion for innovation, and he couldn’t resist the opportunity for growth and the excitement of navigating an emergent field.
“There’s a unique thrill in seeking out the most intriguing tech curiosities, exploring their capabilities, and integrating them into my life,” Husain describes.
Soon enough, one of the most groundbreaking financial innovations would cross Husain’s path. While he wasn’t an early adopter of crypto or blockchain, his interest in these disruptive technologies was piqued in 2021 when Rain, a local crypto exchange in Bahrain, approached him to be their MLRO. Having smashed it in the digital banking space, it was time for Husain to dip his toes into something new.
Husain describes this transition as “like stepping into a wonderland,” with a new universe of possibilities unraveling before him. He found himself captivated by the revolutionary elements that cryptocurrencies introduced, such as decentralization and enhanced monetary freedom. This potential to transform the financial world fueled Husain’s interest, and he soon became a staunch believer in the prospects of cryptocurrencies and blockchain technology.
“I firmly believe that cryptocurrencies can revolutionize our financial framework, and I am excited to see where finance’s future trajectory will lead.”
TradFi vs. Crypto
Reflecting further on his experiences in traditional finance and fintech, Husain characterizes the crypto industry as more dynamic and diverse. In traditional finance, he noticed that individuals typically came from a homogenous background. Due to their extensive tenure in an established industry, they perceived regulatory compliance as an inherent part of their work.
Conversely, when transitioning to crypto, the environment changed as career backgrounds became more diverse. Here, it was more common for Husain to find employees hailing from areas beyond finance, including technology, hospitality, customer service, marketing, and more. Husain believes this diversity is due to the nascent nature of the crypto industry and the different skills it requires.
Since compliance wasn’t frequently questioned in traditional finance, Husain often found his job simplified, offering little room for growth and innovation. However, the realm of fintech and crypto, where every assumption was questioned, presented new challenges and opportunities for growth.
When you set the fields of traditional finance and cryptocurrency side-by-side, it might seem like they stand on two extremes of the financial spectrum. However, Husain remarks that there’s a surprising amount of common ground between the two. At their core, both are committed to providing financial services to the broad public, albeit through different avenues. In this sense, they function like two sides of the same coin — markedly distinct yet fundamentally connected. Their uniqueness lies in their different approaches and processes, but the ultimate goal remains: offering access to financial services to all.
Blossoming at Binance
By 2022, the digital asset space was firmly on the path of becoming a mature, regulated industry – and Binance was in line with this push, ramping up its regulatory compliance and user protection initiatives. Throughout the year, Binance secured registrations and licenses in 14 jurisdictions worldwide, including the Kingdom of Bahrain.
It was during this transitional period that Husain joined the company. Hopping on board in mid-2022, he began serving as Binance’s Compliance Officer & MLRO for its Bahrain entity, which was just about to launch. Husain himself played an integral role in establishing Binance Bahrain, ensuring regulatory compliance upon commencement of operations. By interacting with Bahrain’s regulators, Husain investigated potential avenues for Binance to collaborate with authorities, ensuring seamless operations and maintaining consistent, open dialogue.
Husain’s work in compliance has been crucial to the broader Binance ecosystem, not just in Bahrain and the MEASA region it belongs to but also on a global scale. Binance Bahrain was among the first to conduct both product and enterprise-wide risk assessments, as well as other governance-related compliance activities.
The responsibility of freedom
For Husain, Binance stands out from the rest of the industry due to its user focus. He was drawn to Binance’s mission to enhance the freedom of money globally because he views freedom as operating hand-in-hand with responsibility. Not only the responsibility of users to practice due diligence with their money but also – and more importantly – the responsibility of companies to ensure their users can enjoy the freedom of money in a secure environment. To Husain, what defines Binance above all else is its commitment to enhancing the user experience and safeguarding the ecosystem.
Beyond the user community, Husain also observes this manifestation of responsibility among Binance’s employees. He appreciates the drive to ensure that employees are always at the top of their game, which the company actively nurtures and supports. Opportunities for growth and development, such as training and certifications, reinforce Husain’s hunger for knowledge and constant drive to evolve.
The Journey Continues
“The most rewarding moments arise when I encounter novel challenges that endow me with newfound skills, contributing to my personal and professional growth.”
Husain remains driven by a desire to explore uncharted territories, navigate the challenges they present, and consequently grow as a professional and individual. This drive for growth is not isolated to himself; Husain’s colleagues are quick to describe his infectious enthusiasm when sharing the lessons he’s learned with the rest of the team.
Husain’s hardcore dedication and adaptability inspire those around him to grow and evolve as well. This intensity is balanced with an exuberant sense of humor and humility that uplifts the entire team’s spirit, particularly when under pressure. His coworkers also describe their admiration for his determination and adaptability.
“Working side by side with Husain has been an inspiring journey of professional and personal growth. His work ethic, determination, and dedication towards every task he takes on are truly admirable,” shares one of Husain’s coworkers.
Husain’s story is a tale of dedication, passion, and unyielding curiosity. His journey from traditional finance to fintech and crypto offers insight into how the world of finance is evolving in the digital era. Having recently welcomed his second child into the world, Husain is once again reminded that change is an inevitable precursor to growth. The melodies of life play on – full of energy, exuberance, and unyielding curiosity.
