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- CoinMENA, headquartered in Bahrain, acquires its second license from the European Union.
- It might strengthen its banking relationship with other regional and global level banks. It’s a beginning towards launching additional crypto services, say the co-founders.
- Interestingly, the exchange has rapidly grown and expanded itself within just a year of its launch.
CoinMENA, a Bahrain-based cryptocurrency exchange, very recently got a license from the European Union. With this license acquisition, the Exchange can now expand new jurisdictions in the MENA region and around it. Along with increasing crypto financial services and crypto-assets on its platform.
This one is the second cryptocurrency license for the exchange. The not-so-old exchange has grown rapidly in comparison to other crypto exchanges in the MENA region. It’s growing by 140% month over month. During the recent past seven months, it had a surge in its crypto assets from 5 to 13 and is planning to list more in the near future. The exchange currently supports five countries allowing users to invest and trade in the cryptocurrency through their local currency.
Objectives of the EU cryptocurrency license:
According to a joint statement by co-founders Dina Sam’an and Talal Tabbaa, the topmost aim of CoinMENA is regulatory compliance. Along with enhanced service offerings, this license would also strengthen their relationship with regional and global level banks. This step facilitates their aim of being the easiest and best platform to on-ramp and off-ramp from crypto in the region. And that this is just an initiative towards launching their additional crypto financial services that will be built on Web 3 and crypto rails.
CoinMENA was launched by Dina Sam’an, Talal Tabbaa, and Yazan Barghuthi in 2021. The major aim was to address and bridge the market gap that was there while investing in crypto easily and safely. Within only a year of its launch, it has become a go-to crypto exchange for its speedy transactions, it’s well known for its wide variety of assets, easy-to-use mobile app, and outstanding customer service. Currently, it is a fully regulated onshore crypto exchange that acquired its license from the Central Bank of Bahrain and is regulated by the same.
CoinMENA is an exchange whose signup process completes within one minute and account verification takes less than twenty-four hours. These processes can take place on their mobile app which is simple and easy to use, designed to facilitate beginners as well as experienced traders. Currently, the services of the exchange are available to residents of UAE, Kuwait, Saudi Arabia, Oman, and Bahrain. And it plans to expand to other countries as well.
This acquisition of cryptocurrency license by this Middle-east’s exchange is yet another step towards its growth. Where it’s said that the year might bring more regulations for the industry, it might flourish more where it already thrives. It is to look forward to which countries the exchange expands its operations in and how exactly it will facilitate its users.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
