The Middle East region represented the ideal environment for Binance to achieve its strategy of expanding and spreading and attracting the largest number of users.
After Binance proved itself in Dubai and obtained a full MVP license in Dubai.
Today, the platform announces the strengthening of its presence in the Bahraini market.
Binance launches a cryptocurrency platform in Bahrain
Today, cryptocurrency trading giant Binance announced the launch of the cryptocurrency platform Binance BH in Bahrain.
This enhances the platform’s presence and leadership in Bahrain, the Middle East, and North Africa.Binance is working hard to achieve the spread and expansion in the digital market in the Middle East.
Throughh its compliance with regulations and its keenness to focus its legal presence in the region.
Last May, the platform was licensed as a crypto asset services provider CASP in Bahrain.Such a license is the starting point for Binance’s platform to expand and spread into the Bahraini market.
This is what made the platform today able to launch the fully licensed Binance BH platform from the Central Bank of Bahrain, thus strengthening the legal presence of the platform.
Besides, the Binance Platform through this project will provide Bahraini residents with the appropriate ground to invest in cryptocurrencies.
Where users in Bahrain will be able to conduct banking transactions and access Binance products and services under the supervision of the Central Bank of Bahrain.
Thus, with this achievement, Binance will strengthen the platform’s role in Bahrain’s strategy to encourage investment in cryptocurrencies.
Bahrain’s strategy to support investment in cryptocurrencies
Bahrain is trying to take advantage of the cryptocurrency market to develop its economy by encouraging investment in crypto.
At the beginning of the year, Bahrain was able to attract investors and major companies to invest in Bahrain’s crypto market.
Binance was the first international company that was able to obtain a license to provide its services in Bahrain.
CZ says “I would like to thank the Bahrain team, guided by the wise leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the outstanding work in facilitating this achievement. The cryptocurrency licence will allow Binance to provide cryptocurrency trading and portfolio management to customers under the supervision of regulators in Bahrain.“
Since then, the platform has played an important role in the Bahraini crypto market.
Last September, Binance announced its partnership with EazyPay to provide cryptocurrency payment services.
” The choice of EazyPay to serve Binance pay is a great confidence in Binance, “ Nadim Ladki head of business development at Binance.
This partnership represented an important step by Bahrain in its strategy to adopt cryptocurrencies.
With this cooperation, Bahrain is the first country to launch a licensed cryptocurrency payment service in the Middle East.
Thus, Bahrain seems to be working its way towards leadership in the field of cryptocurrencies, relying on a friendly regulatory framework with the field of cryptocurrencies.
Developing regulations in line with global trends is a key goal for us at the Central Bank of Bahrain.
” We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation, said Rashid Al Maraj, Governor, the Central Bank of Bahrain.