CoinMENA Holding LTD (CoinMENA), a Bahrain-based crypto assets exchange, received its second license to transact in crypto assets. CoinMENA will now be able to expand to new jurisdictions in the MENA region and beyond, as well as increase the number of crypto assets and crypto financial services on the platform.
CoinMENA was founded in 2021 by Dina Sam’an, Talal Tabbaa, and Yazan Barghuthi with the primary goal of addressing a market gap that existed for easy and safe access to crypto investments. Today, as a fully regulated, onshore crypto exchange licensed by the Central Bank of Bahrain, CoinMENA has not only successfully bridged the gap but also become the go-to exchange, known for its prompt transactions, a wide variety of assets, excellent customer service, and easy-to-use mobile app.
With monthly growth of 140%, CoinMENA has been the fastest growing cryptocurrency exchange in the MENA region for the past seven months. Over this period, the platform added 13 crypto assets, and they plan to add more in the weeks ahead. CoinMENA currently supports five countries and allows users to trade/invest in crypto using their local currency.
“Regulatory compliance is a main priority for CoinMENA. In addition to expanding our service offering, the EU license would strengthen our banking relationships with regional and global banks. This move fulfills one of our primary objectives which is to be the best and easiest platform to on-ramp and off-ramp from crypto in the region. This is just the beginning for CoinMENA as we aim to roll out additional crypto financial services built on Web 3.0 and crypto rails ” – Joint statement by co-founders Dina Sam’an and Talal Tabbaa.
In September 2021, CoinMENA announced a $9.5 million. CoinMENA’s investor BECO Capital is a technology-focused venture capital whose well-known investments include MENA’s three unicorns: Swvl, Kitopi, and Careem. Hong Kong-based Kenetic is known for its investment in BlockFi, a crypto lending platform, and Securitize, a crypto asset securities company. Arab Bank (Switzerland) Ltd., the sister company of Arab Bank plc, is a recognized Swiss Bank offering Digital Assets services since 2019. Bunat Ventures is a venture builder and VC firm focused on incubating and investing in promising regional startups. Alameda Research, owned by crypto billionaire Sam-Bankman Fried, is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and crypto assets markets.
CoinMENA’s sign-up process takes less than a minute, and the account verification process is completed within 24 hours, and can all be performed on the simple, seamless, and highly intuitive mobile app, which is suitable for both beginners and professionals. The exchange’s services are currently available to residents of Bahrain, UAE, Saudi Arabia, Kuwait, and Oman, and will soon expand to other countries.