Global blockchain services giant Binance has launched binance.bh, a new platform that allows users to access Binance’s range of regulated products and services.
This includes direct top-ups and withdrawals, in local currencies, the company said in an emailed statement on Monday. All users have to do is link their bank accounts with their binance.bh account.
Bahrain’s position as the region’s fintech hub
“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,” Bahrain Central Bank governor Rasheed Al Maraj said.
Bahrain Economic Development Board chief executive Khalid Humaidan also added that Binance’s launch in the country “reaffirms” Bahrain’s position as a crypto assets, blockchain and fintech innovations leader, regionally and globally.
“Bahrainis have become steadfast early adopters of crypto assets, and it is fantastic that Binance can play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation,” Binance regional head of europe and MENA Richard Teng said.
Binance has placed its focus on compliance and security controls, and is working with regulators to ensure user protection as well as market integrity.
This commitment has “allowed the company to establish a strong foothold in the GCC and contribute to the region’s status as a fast-emerging global crypto asset hub,” the statement added.
SOurce:https://www.arabianbusiness.com/industries/banking-finance/crypto-exchange-giant-binance-launches-in-bahrain