- Bahrain users can now access newly launched and fully regulated binance.bh for making transactions related to crypto assets in local currencies by connecting bank accounts with binance.bh account
- Collaboration with regulated entities continues to be the cornerstone of Binance’s expansion plans in the Middle East
Binance, the leading global blockchain services provider, announced today the launch of binance.bh, a new and fully regulated platform where users can access Binance’s full range of products and services – including direct deposits and withdrawals – in local currencies. New customers are able to sign up to the newly regulated platform and get access a range of products and services.
Having received its license as a Crypto Asset Service Provider (CASP) Category-4 (Crypto Assets Exchange) on 19 May 2022, the binance.bh platform now allows Binance to provide a full range of crypto-asset exchange services to customers.
Commenting on the announcement His Excellency Khalid Humaidan, Chief Executive at the Bahrain Economic Development Board, said: “Bahrain’s strong commitment to crypto assets and 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 bahrain.bh. The launch of binance.bh reaffirms Bahrain’s position as a leading hub for crypto services and Fintech innovations, not just in the region but around the world.”
Richard Teng, Regional Head of Europe and MENA, Binance, commented: “Witnessing the Kingdom of Bahrain’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.”
Tameem Al Moosawi, General Manager Binance – Bahrain, added: “Working closely regulatory bodies in the Kingdom of Bahrain is a vital part of our approach to market; not just from a compliance perspective, 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.”
Binance has viewed the Kingdom of Bahrain as a key business hub which will provide areas for growth and employment within the wider industry. Furthermore, Binance’s focus on robust compliance and security controls, as well as its commitment to working closely with regulators in the region to champion user protection and market integrity, have allowed the company to establish a strong foothold in the GCC and contribute to the region’s status as a fast-emerging global crypto asset hub.