• Binance has launched binance.bh, a platform that will let Bahraini users access a range of regulated products and services, including deposits and withdrawals in local currencies.
• The platform was launched under the guidance of the Central Bank of Bahrain and the Economic Development Board.
• Binance’s expansion into Bahrain is part of its global expansion strategy, which has seen the company hire despite other major exchanges slashing jobs considerably.
Binance, the world’s most popular cryptocurrency exchange, has recently made a major move by launching binance.bh, a platform that will let Bahraini users make deposits and withdrawals in their local currencies, as well as access a range of regulated products and services from Binance. This expansion was conducted under the guidance of the Central Bank of Bahrain and the Economic Development Board, and marks a significant step forward in Binance’s global expansion strategy.
For Bahrain users to take advantage of this new platform, they must link their bank accounts with their binance.bh accounts. This will allow them to top-up and withdraw local currencies, as well as access other products and services. The Central Bank of Bahrain Governor, Rasheed Al Maraj, commented on the launch, stating: “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 board, echoed Al Maraj’s sentiments, saying: “The launch of their platform reaffirms Bahrain’s position as a leading hub for innovation in the Middle East and North Africa region. It also provides a secure and trusted environment for investors, traders and institutions to access the entire suite of Binance services.” Binance’s expansion into Bahrain is part of its global expansion strategy, which has seen the company hire despite other major exchanges slashing jobs considerably.
Binance.bh is just the latest in a long line of successful expansions by Binance into the Middle East and North Africa region, and the company is likely to continue its expansion into the region in the coming years. With this latest move, Binance is showing its commitment to the region and its commitment to providing a secure and trusted environment for investors, traders and institutions.