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Binance expands footprint in Middle East with Bahrain launch

Bahrain users can now access newly launched and regulated binance.bh for making transactions related to crypto assets in local currencies by connecting bank accounts with binance.bh account

Binance, the leading 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 - including direct top ups and withdrawals - in local currencies.

To celebrate the occasion of binance.bh going live, Binance hosted a launch event under the patronage of Rasheed Al Maraj, governor of the Central Bank of Bahrain (CBB), and Khalid Humaidan, chief executive of the Bahrain Economic Development Board, at the Bahrain Institute for Banking and Finance (BIBF).

Changpeng Zhao, co-founder and CEO of Binance, amongst other prominent regional and international figures and personalities in the financial and crypto spaces were also present on the occasion.

Tameem Al Moosawi, general manager Binance Bahrain, devlivered a welcome speech and it is followed by an engaging and insightful fireside discussion between Khalid Humaidan and Changpeng Zhao on timely topics of interest including the state of the crypto market in the Middle East, the financial services sector’s landscape and enabling innovation, and the future opportunities for the region to become a global crypto hub.

Having received its licence as a Crypto Asset Service Provider / Category-4 (crypto-assets Exchange) on May 19, 2022, the binance.bh platform now allows Binance to provide a wide range of crypto-asset exchange services to customers. This means that new customers are able to sign up to the newly regulated platform and get access to a range of products and services.

“As part of the ongoing collaboration between banks and industry and sector leaders, The Central Bank of Bahrain (CBB) welcomes Binance's decision to establish a regional headquarters for its Middle East operations in Bahrain. CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for encrypted asset trading service providers and their clients, based on global trends and developments in financial services,” Rasheed Al Maraj said.

Khalid Humaidan said Bahrain’s strong commitment to fintech investments is longstanding.

"We are pleased to see Binance reaching different milestones in Bahrain, from receiving its first regional license to going live with Binance.bh. The launch of their platform reaffirms Bahrain’s position as a leading hub for crypto assets, blockchain and fintech innovations, not just in the region but around the world.”

Richard Teng, regional head of Europe and Mena, Binance, said working with the government of Bahrain and witnessing the country’s forward-thinking perspectives towards the crypto asset industry has been an excellent experience.

"Bahrainis have become steadfast early adopters of crypto assets, and it is fantastic that Binance can play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation.”

Tameem Al Moosawi, general manager Binance - Bahrain, said working closely with cities and regulatory bodies is a vital part of our approach to market; not just from a compliance perspective, but also to safeguard users by providing consumer protection and market security.

"We see huge potential in Bahrain and it is fantastic to be able to contribute and be a part of this region’s journey towards flourishing as a global hub for all things blockchain.”

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

— muzaffarrizvi@khaleejtimes.com