CoinMENA, a cryptocurrency exchange based in the Kingdom of Bahrain, has obtained a “Crypto Assets Services Company License” from the Central Bank of Bahrain.
According to the company’s press release, the newly acquired license will allow CoinMENA to operate as a regulated crypto exchange and onshore platform both in Bahrain and other regions of the Middle East. At launch, the exchange will be available to residents of Bahrain, the United Arab Emirates (UAE), Saudi Arabia, Kuwait, and Oman.
CoinMENA is also certified by the Shariyah Review Bureau as being a Sharia-compliant cryptocurrency exchange.
“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 co-founder and managing director, Dina Sam’an.
CoinMENA is aimed at both retail and institutional investors and will initially offer five cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). Sam’an said the exchange would provide access to additional digital assets in the future.
Aside from facilitating deposits, trades, and withdrawals in several national currencies, the exchange will also provide an “OTC Desk.” The company said the OTC trading desk will be able to handle “sizable” transactions with a dedicated relationship manager overseeing every trade.