Bahrain’s crypto exchange CoinMENA obtains EU license

Bahrain-based crypto exchange CoinMENA has obtained a cryptocurrency license from the European Union. As a result, 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.

Launched in 2021 by Dina Sam’an, Talal Tabbaa, and Yazan Barghuthi, CoinMENA was built primarily to address a market gap for easy and safe access to crypto investing. As a fully regulated, onshore crypto exchange licensed by the Central Bank of Bahrain, CoinMENA has now successfully bridged the gap and become the go-to exchange, known for its prompt transactions, a wide variety of assets, excellent customer service, and easy-to-use mobile app.

In the past seven months, CoinMENA has been the fastest growing cryptocurrency exchange in the MENA region, growing 140% month over month. During this time, they increased the number of crypto assets on the platform from 5 to 13, and plan to list several more in the coming weeks. 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,” said co-founders Dina Sam’an and Talal Tabbaa in a joint statement.

“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.”

CoinMENA is backed by BECO Capital, Kenetic, Arab Bank, Bunat Ventures, and Alameda Research, having raised $9.5 million from then in a funding round in September 2021.

BECO Capital is a technology-focused venture capital, which has previously invested in MENA’s three unicorns: Swvl, Kitopi, and Careem.

Hong Kong’s Kenetic is known for its investment into BlockFi, a leading crypto lending platform, and Securitize, a leading crypto asset securities firm.

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 crypto-assets markets.