Bahrain-based onshore crypto assets exchange CoinMENA has obtained a second cryptocurrency license from the European Union.
According to the statement, CoinMENA will now be able to expand into additional jurisdictions in the Middle East and North Africa (MENA) region and beyond, as well as increase the number of crypto assets and crypto financial services available on the platform.
Launched in 2021, CoinMENA was built primarily to address a market gap that existed for easy and safe access to crypto investing.
According to a joint statement by co-founders Ms. Dina Saman and Mr. Talal Tabbaa, “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,” they further added.
In the past 7 months, CoinMENA has been the fastest growing cryptocurrency exchange in the MENA region, growing 140 percent month over month. They increased the number of crypto assets on the platform from 5 to 13 over this time, and they intend to add several more in the following weeks, as per the statement.
CoinMENA allows users to trade or invest in crypto using their local currency. Currently, its services are available to residents of Bahrain, UAE, Saudi Arabia, Kuwait, and Oman. Furthermore, the exchange intends to expand to other countries soon.