HomeTechnology & InnovationBinance launches platform in Bahrain
By Economy Middle East
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January 18, 2023 1:34 pm

Binance launches platform in Bahrain

Users can now access Binance's services in local currencies
Binance Bahrain
Binance

Binance, the global blockchain services provider, has launched binance.bh, a new and regulated platform where users can access Binance’s range of regulated products and services in local currencies, including direct top-ups and withdrawals.

Bahraini users are able to access regulated binance.bh for making transactions related to crypto assets in local currencies by connecting bank accounts with binance.bh account, the crypto giant said in a statement.

Read more: Binance stuns market, plans hiring spree in 2023

Bahrain Central Bank Governor Rasheed Al Maraj welcomed Binance‘s decision to establish a regional headquarters for its regional operations in the Middle Eastern country during a launch event.

“Based on global trends and developments in financial services, CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for encrypted asset trading service providers and their clients,” he added.

Bahrain Economic Development Board CEO Khalid Humaidan praised the country’s “strong” commitment to fintech investments.

“The launch of their platform reaffirms Bahrain’s position as a leading hub for crypto assets, blockchain, and fintech innovations not only in the region but globally,” he said.

Binance has viewed the Kingdom of Bahrain as a key business hub that 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.

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