Financial news

Blockchain services provider Binance has officially launched in Bahrain. The new platform enables users to access Binance’s existing range of regulated products and services; including direct top-ups and withdrawals in local currencies.

The binance.bh platform received its license as a Crypto Asset Service Provider on 19 May 2022. As a result, the platform can now provide a wide range of crypto-asset exchange services to customers. Customers in Bahrain are now able to sign up for the newly regulated platform and gain access to Binance services.

To mark the launch, Binance hosted a launch with support from Rasheed Al Maraj, governor of the Central Bank of Bahrain (CBB). Khalid Humaidan, chief executive of the Bahrain Economic Development Board also supported the event at the Bahrain Institute for Banking and Finance (BIBF).

Changpeng Zhao, co-Founder and CEO of Binance, was also present at the launch event, alongside other prominent international figures and personalities in the financial and crypto spaces.

Binance explained that it views the Bahrain region as a key business hub, with the potential to provide growth and employment for the wider industry.

The blockchain services provider has committed to working closely with regulators in the region to ensure user protection and market integrity. This commitment enables Binance to contribute to the region’s status as a fast-emerging global crypto asset hub.

Establishing Binance in Bahrain

Rasheed Al Maraj, governor of the CBB, commented on the launch of Binance in Bahrain. Al Maraj said: “As part of the ongoing collaboration between banks and industry and sector leaders, The Central Bank of Bahrain welcomes Binance’s decision to establish a regional headquarters for its Middle East operations in Bahrain. CBB also 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 of the Bahrain Economic Development Board, also discussed the launch. Humaidan: “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 at Binance, commented: “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 also play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation.”