CoinMENA, a soon-to-launch cryptocurrency exchange headquartered in Bahrain, has obtained a license from the Central Bank of Bahrain, or CBB.
The newly acquired “Crypto Assets Services Company License” enables CoinMENA to operate fully as a regulated crypto exchange and onshore platform, the company announced on Sunday. The CBB’s license ensures that CoinMENA meets all of the central bank’s operational, technical and security requirements.
As CoinMENA plans to roll out its services in the Middle East and North Africa, or MENA countries – including Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait and Oman – CoinMENA is also certified by the Shariyah Review Bureau as a Sharia-compliant platform.
At launch, CoinMENA will support five major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH). The exchange will also feature an over-the-counter platform for larger transactions, providing clients with a dedicated manager who oversees every OTC transaction.
Dina Sam’an, CoinMENA Co-Founder and President, said the company plans to expand to more countries after launch:
“As CoinMENA grows, we will provide access to additional digital assets and expand the jurisdictions in which we operate to build one of the world’s leading digital asset exchanges.”
CoinMENA has worked more than two years to launch its crypto trading platform so far. At the end of 2019, CoinMENA appointed the Shariyah Review Bureau as an outsourcing facility to manage and audit Shariah certification and auditing services for its digital asset platform.