Cryptocurrency stock market Binance It started operations in Bahrain.
Binance, the world’s largest crypto exchange by volume, said in a press release Monday, January 16 that it has launched binance.bh, a platform that allows users in Bahrain to access Binance’s products and make deposits and withdrawals in local currencies.
Bahrain Central Bank Welcomes Binance Expansion
According to the statement, Binance’s latest expansion has been welcomed by the Bahrain Central Bank and Economic Development Board, and comes just days after the exchange’s CEO, Changpeng Zhao, announced that he plans to continue hiring despite billions of funds being withdrawn following the FTX crypto-infectious sale.
“The launch of their platform reaffirms Bahrain’s position as a leading hub for crypto-assets, blockchain and FinTech innovations, not just in the region but worldwide,” said Khalid Humaidan, CEO of the Board of Directors.
Besides Bahrain, other countries in the Gulf Cooperation Council (GCC) region have also set up their own FinTech sandboxes. While the central banks of Kuwait, Saudi Arabia and the United Arab Emirates (UAE) have created exploratory regulatory environments, the Central Bank of Oman has put this issue on its to-do list.
Meanwhile, Binance spoke of expansion amid a wave of crypto layoffs and increased scrutiny for the industry. Speaking at a crypto conference last week, Zhao said that the company plans to increase its workforce by 15% to 30% this year.
Speaking at the Crypto Finance Conference in St Moritz, Switzerland, Zhao said, “We will continue to build and hopefully bounce back before the next bull market.”
*Not investment advice.
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