Sharia-compliant cryptocurrency exchange CoinMENA has received a licence from the Central Bank of Bahrain to launch in the Gulf kingdom.
The digital assets exchange said it will help new and seasoned investors, who are looking for access to non-traditional investment options.
CoinMENA announced it has received a Crypto Asset Services Company Licence – Category 2 after meeting operational, technical, and security requirements set forth by the central bank.
As a result, CoinMENA said it will become one of only a few fully licensed and operating digital assets exchanges worldwide.
CoinMENA added that it aims to meet a key need of consumers in the Middle East of being Sharia-compliant, as certified by the Shariyah Review Bureau.
The exchange allows for the deposit, trade, and withdrawal of digital assets in the users’ local currency while offering the most competitive fees possible, a statement said.
Looking to serve both retail and institutional investors, Bahrain-based CoinMENA said it will offer five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).
It will also provide an OTC Desk offering for sizable transactions, along with a dedicated relationship manager who will see every trade through to execution.
CoinMENA announced it has received a Crypto Asset Services Company Licence – Category 2 after meeting operational, technical, and security requirements set forth by the Central Bank of Bahrain
Dina Sam’an, CoinMENA’s co-founder and managing director, said that the exchange was developed to provide the region with affordable and seamless access to digital assets, underpinned by high-quality services and stable banking relationships.
She added: “Obtaining the licence from the Central Bank of Bahrain allows us to operate under one of the most robust and globally-renowned digital assets regulatory frameworks where governance, security, and customer protection are central to all our operations.
“As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale.”
Upon launch, CoinMENA’s platform and services will be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait, and Oman.
Follow us on
