The world's most well-known cryptocurrency exchange, Binance, has announced the establishment of binance.bh in a press release.
Bahraini users will be able to purchase a variety of regulated products and services from Binance through the binance.bh platform and make withdrawals and deposits in their native currency.
Top-ups and withdrawals in local currencies are among the products and services. Bahrain customers must connect their bank accounts with their binance .bh accounts in order to use this capability.
Under the direction of the Economic Development Board and the Central Bank of Bahrain, this initiative, led by Binance, was carried out.
After Binance said that it will be recruiting while other big exchanges drastically cutting staff, the news was announced. Bahrain has now become a part of Binance's recent international expansion.
Rasheed Al Maraj, governor of the Bahrain Central Bank, said:
As part of the ongoing collaboration between banks and industry and sector leaders, the Central Bank of Bahrain (CBB) welcomes Binances 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.
The board's CEO, Khalid Humaidan, stated:
With the launch of their platform, Bahrain has once again established itself as a global leader in the development of blockchain, cryptocurrency, and financial technology.
Bahrain's Position on Innovation and Crypto
Bahrain has led the charge in the Middle East and North Africa (MENA) region to introduce the concept of a “regulatory sandbox.”
A “regulatory sandbox” is a supervised, regulated environment where new innovations, services, and goods are tested in real time.
A “regulatory safe space” establishes a secure environment that encourages company innovation and expansion.
This moves the industry toward success, as authorities may not have otherwise allowed certain relaxations for the restricted purpose of evaluating new goods and services associated with emerging technical sectors.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!
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