•Binance has launched binance.bh, a platform allowing Bahraini users to make deposits and withdrawals in their local currency.
•The expansion was conducted under the guidance of the Central Bank of Bahrain and the Economic Development Board.
•This platform provides access to regulated products and services, such as top-ups and withdrawals in local currencies.
Binance, the most popular cryptocurrency exchange in the world, has announced the launch of binance.bh, a platform that will enable Bahraini users to access a range of regulated products and services in their local currency. This expansion was conducted under the guidance of the Central Bank of Bahrain (CBB) and the Economic Development Board (EDB).
Binance.bh will allow users to make deposits and withdrawals in their local currency and access a range of regulated products and services, such as top-ups and withdrawals in local currencies. To take advantage of this functionality, users must link their bank accounts with their binance.bh accounts.
This development was welcomed by CBB Governor Rasheed Al Maraj, who said, “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.”
Khalid Humaidan, CEO of the EDB, also commented that “the launch of their platform reaffirms Bahrain’s position as a leading hub for financial services, and we are confident that this will further contribute to a vibrant and progressive fintech ecosystem in the Kingdom.”
The launch of binance.bh marks a significant milestone for Binance and Bahrain, as the platform provides users with access to regulated products and services in their local currency. This move is part of Binance’s wider strategy to expand its presence in the Middle East, and demonstrates the company’s commitment to ensuring that users around the world have access to secure and compliant cryptocurrency trading services.