Sharia-compliant crypto exchange licensed by Bahrain central bank

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Bahrain-based crypto exchange CoinMENA secured a big license before it was launched in many countries, including the UAE and Saudi Arabia.

CoinMENA, a soon-to-be-launched cryptocurrency exchange based in the Kingdom of Bahrain, has secured a license from the Central Bank of Bahrain or CBB.

The newly acquired “Crypto Assets Services Company License” allows CoinMENA to function entirely as a controlled crypto exchange and onshore network, the company announced on January 24. The authorization of the CBB guarantees that CoinMENA satisfies all the operational, technological and security requirements of the central bank.

As CoinMENA plans to deploy its services in the Middle East and North Africa, or MENA, countries—including Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait, and Oman—CoinMENA is also accredited by the Shariyah Review Bureau as a Sharia-compliant website.

At launch, CoinMENA will support five main cryptocurrences, including Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH). The exchange would also provide an over-the-counter or OTC network for broader transactions, providing users with a designated manager to handle all OTC transactions.

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Dina Sam’an, co-founder and managing director of CoinMENA, said that after its launch, the company plans to spread to more countries:

“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.”

CoinMENA has been planning to open the crypto trading site for more than two years. At the end of 2019, CoinMENA named the Shariyah Examination Office as an outsourcing center to handle and monitor the Sharia Certification and Sharia audit services for its digital asset network.

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