Wednesday, May 12, 2021
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ReportIslamic crypto exchange community grows with addition of another Bahraini licensed platform

Islamic crypto exchange community grows with addition of another Bahraini licensed platform

Another Islamic cryptocurrency exchange joins the exclusive circle of fully licensed and operating digital assets exchanges globally, adding another feather to Bahrain’s Islamic fintech cap for being home to now two regulated Shariah crypto exchanges.

CoinMENA has secured a Crypto Asset Services Company License — Category 2 from the Central Bank of Bahrain, proof of it meeting the operational, technical and security requirements of the regulator.

The exchange is one of a few to be certified Shariah compliant: Shariyah Review Bureau issued a Fatwa authenticating the platform’s adherence to Islamic financial principles. It is one of two in the Kingdom to be regulated by the central bank and certified Shariah compliant, the other being Rain.

“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,” shared CoinMENA’s Founder and Managing Director Dina Sam’an. “As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale.”

Looking to launch “soon”, CoinMENA will offer five major cryptocurrencies when it commences operations: Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash. It will also provide an over-the-counter desk offering for sizeable transactions and assign a dedicated relationship manager to oversee every trade through execution. Once launched, the exchange will service both institutional and retail investors in Bahrain, the UAE, Saudi Arabia, Kuwait and Oman.

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