Bahrain central bank licenses Sharia-compliant crypto exchange

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CoinMENA, a soon to be launched cryptocurrency exchange based in the Kingdom of Bahrain, has received a license from the Central Bank of Bahrain (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 January 24th. The CBB license ensures that CoinMENA meets all of the central bank’s set and technical requirements.

Since CoinMENA plans to roll out its services in the Middle East and North Africa or MENA, countries like Bahrain, 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 offer an OTC (over-the-counter) platform for larger transactions, providing clients with a dedicated manager to oversee every OTC trade.

CoinMENA co-founder and CEO Dina Sam’an said the company plans to expand to more countries after its launch:

“As CoinMENA grows, we will provide access to additional digital assets and expand the jurisdictions in which we operate to become one of the world’s leading digital asset exchanges.”

CoinMENA has been working on the launch of its crypto trading platform for more than two years. In late 2019, CoinMENA appointed the Shariyah Review Bureau as the outsourcing facility to manage and monitor Sharia certification and Sharia audit services for its digital asset platform.