Sharia compliant crypto exchange receives license from Bahrain central bank

CoinMENA, a Sharia complaint crypto exchange has obtained a license from the Central Bank of Bahrain (CBB).

CoinMENA obtained the “Crypto Assets Services Company License” according to an announcement by the crypto exchange on Jan. 24. This license means the crypto exchange has met all of the CBB’s operational, security and technical requirements.

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The soon to be launched Bahrain based cryptocurrency exchange CoinMENA has obtained a major license ahead of its launch in several Middle Eastern countries including Saudi Arabia and the UAE.

The crypto exchange has also received certification by the Shariyah Review Bureau as being Sharia compliant. CoinMENA will roll out it’s services to countries in the Middle East and North African region.

Dina Sam’an, co-founder and managing director of CoinMENA, said:

As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale.

CoinMENA at launch will support five major cryptocurrencies including BITCOIN (BTC) Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). The crypto exchange will also feature an over the counter (OTC) platform, specifically for large transactions with an appointed manager to oversee every OTC deal.