Crypto giant Binance launches platform in Bahrain

By Tuba Sahin

ANKARA (AA) – Binance, the world's largest cryptocurrency exchange, has launched its Bahrain platform under the patronage of the country's Central Bank and the Economic Development Board.

Bahraini users are able to access regulated binance.bh for making transactions related to crypto assets in local currencies by connecting bank accounts with binance.bh account, the crypto giant said in a statement on Monday.

Speaking at a launch event, the Bahrain Central Bank Governor Rasheed Al Maraj welcomed Binance's decision to establish a regional headquarters for its regional operations in the Middle Eastern country.

"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,” he added.

Khalid Humaidan, the chief executive at the Bahrain Economic Development Board, praised the country's "strong" commitment to fintech investments.

"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," he stressed.