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Crypto Exchange Binance Goes Live in Bahrain

Binance, the most popular crypto exchange in the world, has spear binance.bh; the announcement was made by press release.

The binance.bh The platform will allow Bahraini users to deposit and withdraw in their local currency and access a range of Binance regulated products and services.

Products and services include top-ups and withdrawals in local currencies. For users in Bahrain to benefit from this feature, they must link their bank accounts to their binance.bh accounts.

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

The news came after Binance mentioned it would be hiring despite other major exchanges significantly cutting jobs. Binance recently expanded its operations to Sweden and now to Bahrain.

Bahrain Central Bank Governor Rasheed Al Maraj said:

As part of the banks’ continued collaboration with 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. The CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for crypto asset trading service providers and their clients, based on global trends and developments in financial services.

Khalid Humaidan, CEO of the Board, said:

The launch of their platform reaffirms Bahrain’s position as a leading hub for crypto assets, blockchain and FinTech innovations, not only in the region but worldwide.

Bahrain’s position on crypto and innovation

Previously, Bahrain had been an advocate for introducing the idea of ​​a “regulatory sandbox” in the Middle East and North Africa (MENA) region.

A “regulatory sandbox” refers to the live testing of new products, services, and innovations in a controlled and regulated space.

A “regulatory safe space” creates a safe environment for businesses to grow and prosper, leaving room for innovation.

This is one more step to allow crypto to thrive as an industry, as regulators may not have allowed certain relaxations for the limited purpose of testing new news-related products and services. technological industries.

Other countries that also support technological innovation

Bahrain and other countries in 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 the green signal to exploratory regulations.

However, the Central Bank of Oman has put the idea 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 intended to increase its workforce by 15-30% this year. He said:

We will continue to build and hope to accelerate again ahead of the next bull market

The Bahrain Economic Development Board also believes and echoes the same sentiments that with the launch of Binance services, it is officially restoring a favorable position for crypto, blockchain and other fintech innovations both in the region and in the world.

Bitcoin was priced at $21,300 on the 1-day chart | Source: BTCUSD on TradingView

Featured image from UnSplash, chart from TradingView.com

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