The Central Bank of Bahrain (CBB) would like to warn consumers against dealing with unlicensed entities that claim to offer or facilitate crypto-asset and digital payment-related services in the Kingdom of Bahrain through websites, social media platforms and other electronic channels.

This warning comes as a result of information received by the CBB in relation to an entity operating under the name “ThunderSub” which has been observed to promote and facilitate financial activities involving crypto-assets and related services, while not being licensed by the Central Bank of Bahrain.

The CBB wishes to emphasize that the above-mentioned entity is not licensed by the CBB, and that the activity of promoting, offering or facilitating financial services to residents of the Kingdom of Bahrain falls within the scope of regulated financial services in accordance with the Central Bank of Bahrain and Financial Institutions Law of 2006.

The CBB also stresses the need for consumers to exercise the utmost care and caution, and to take into consideration the risks when dealing, investing or transacting with any person, persons, institutions, companies or websites, including through social media platforms, and to ensure that such entities hold the necessary licenses from the Central Bank of Bahrain to engage in such activities.

Consumers are encouraged to visit the register of licensed financial institutions on the CBB’s website (www.cbb.gov.bh) to verify the licensing status and authenticity of institutions authorized to provide regulated financial services in the Kingdom of Bahrain.