Shariah-Compliant Crypto Exchange Wins License From Bahrain Central Bank

Middle Eastern digital assets exchange CoinMENA announced Sunday it has received the green light from the Central Bank of Bahrain (CBB) ahead of its coming launch.

• The certified Sharia-compliant exchange said it has now been awarded a Crypto Asset Services Company license (category 2) from the CBB after meeting a number of technical, and security requirements.
• The platform will become one of relatively few fully licensed and operating digital assets exchanges for retail and institutional investors in the Kingdom of Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait and Oman, per the announcement.
• Once launched, CoinMENA said it will offer spot trading in five major cryptocurrencies: bitcoin, ether, XRP, litecoin and bitcoin cash. It also plans an over-the-counter desk for larger trades.
• “Obtaining the license 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,” said CoinMENA’s managing director, Dina Sam’an.
• A date for the planned launch was not provided.

See also: Coinbase Joins $6M Funding Round for Licensed Middle-East Exchange Rain Financial