Binance on Monday launched a platform in Bahrain that allows users to access a range of regulated products and services, including direct top ups and withdrawals in local currencies.
Having received its license as a Crypto Asset Service Provider / Category-4 (crypto-assets Exchange) on May 19, 2022, the binance.bh platform allows Binance to provide a wide range of crypto-asset exchange services to customers.
Tameem Al Moosawi, Binance Bahrain's general manager, said: "Working closely with cities and regulatory bodies is a vital part of our approach to market; not just from a compliance perspective, but also to safeguard users by providing consumer protection and market security."
"We see huge potential in Bahrain and it is fantastic to be able to contribute and be a part of this region’s journey towards flourishing as a global hub for all things blockchain," he added.
Bahrain Central Bank Governor Rasheed Al Maraj said as part of the ongoing collaboration between banks and industry and sector leaders, the Central Bank of Bahrain (CBB) "welcomes Binance’s decision to establish a regional headquarters for its Middle East operations in Bahrain."
"CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for encrypted asset trading service providers and their clients, based on global trends and developments in financial services," he noted.
Bahrain Economic Development Board chief executive at the Bahrain Institute for Banking and Finance Khalid Humaidan said that Binance’s launch in the country “reaffirms” Bahrain’s position as a crypto assets, blockchain and fintech innovations leader, regionally and globally.
Humaidan said: "Bahrain’s strong commitment to fintech investments is longstanding. We are pleased to see Binance reaching different milestones in Bahrain, from receiving its first regional license to going live with Binance.bh."
"The launch of their platform reaffirms Bahrain’s position as a leading hub for crypto assets, blockchain and fintech innovations, not just in the region but around the world," he added,
Richard Teng, Regional Head of Europe and MENA, Binance, said working with the government of Bahrain and "witnessing the country’s forward-thinking perspectives towards the crypto asset industry has been an excellent experience."
"Bahrainis have become steadfast early adopters of crypto assets, and it is fantastic that Binance can play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation," he added.
