Crypto Exchange Binance Goes Live In Bahrain

Binance, the preferred crypto exchange on the earth, has launched; the announcement was made through a press release.

The platform will let Bahraini users make deposits and withdrawals of their local currencies and access a spread of regulated services from Binance.

The services include top-ups and withdrawals in local currencies. For Bahrain users to avail of this functionality, they have to link their bank accounts with their accounts.

This expansion, led by Binance, was conducted under the guidance of the Central Bank of Bahrain and the Economic Development Board.

The news got here after Binance mentioned that it will be hiring despite other major exchanges slashing jobs considerably. Binance recently expanded operations into Sweden and now Bahrain.

Bahrain Central Bank Governor Rasheed Al Maraj stated:

As a part of the continuing collaboration between banks and industry and sector leaders, the Central Bank of Bahrain (CBB) welcomes Binance’s decision to ascertain a regional headquarters for its Middle East operations in Bahrain. CBB goals 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.

Khalid Humaidan, CEO of the board, mentioned:

The launch of their platform reaffirms Bahrain’s position as a number one hub for crypto assets, blockchain and FinTech innovations, not only within the region but world wide

Bahrain’s Stance On Crypto And Innovation

Previously, Bahrain has been the crusader for introducing the thought of a ‘regulatory sandbox’ within the Middle East and North Africa (MENA) region.

A ‘regulatory sandbox’ refers back to the live testing of latest products, services, and innovation inside a controlled, regulated space.

A “regulatory protected space” creates a protected environment for businesses to grow and thrive, allowing for room for innovation.

It is a step closer to allowing crypto to thrive as an industry, as regulators otherwise may not have permitted certain relaxations for the limited purpose of testing recent services related to recent technological industries.

Other Countries That Also Support Technological Innovation

Bahrain and other countries within the Gulf Cooperation Council (GCC) region have followed suit by establishing their FinTech sandboxes. The central banks of Kuwait, Saudi Arabia, and the United Arab Emirates (UAE) have given a green signal to exploratory regulations.

Nevertheless, the Central Bank of Oman has put the thought on its to-do list for now. Changpeng Zhao, CEO of Binance, spoke at a conference in Switzerland last week, where he mentioned that the exchange intends to extend its workforce by 15%–30% this yr. He said:

We’ll proceed to construct and hopefully we are going to ramp up again before the subsequent bull market

Bahrain Economic Development Board also believes and echoes the identical sentiments that with Binance launching services, it officially reinstates a good position for crypto, blockchain, and other fintech innovation each within the region and globally.

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