MENA-based crypto exchange CoinMENA launches in Qatar
CoinMENA, the digital assets exchange, has announced that Qatari traders can now open accounts and use the platform. This includes connecting bank accounts to crypto wallets and utilising a range of features.
With this development, CoinMENA has become the first regional exchange to offer its services in the Gulf state.
The Bahrain-headquartered platform was founded in 2019 and is licensed and regulated by the Central Bank of Bahrain (CBB). Alongside its official regulation, CoinMENA describes itself as a certified “Sharia-compliant” exchange.
In a joint statement, Co-Founders of the firm Dina Sam’an and Talal Tabbaa said: “Investors have been asking about our plans to enter the country for some time now, so this news represents a major milestone on our long-term geographic market expansion plans.”
CoinMENA recently became the first onshore licensed digital currency exchange to implement limit trading, allowing users to set their desired price for buying and selling crypto. The new Qatari user base will also be able to explore recently added features, such as withdrawing USDT via the TRON network for lower fees and earning bonus rewards for inviting friends through the platform’s referral program.
CoinMENA’s team has been vocal about their goal of dominating the Middle Eastern and North African (MENA) crypto market. But while they have the advantage of being native to the region, there’s no shortage of competitors operating in Qatar. Popular exchanges like Binance, eToro, and Kraken boast a sizeable market share in the country.
Despite this, the CoinMENA team is “striving to onboard new countries and introduce new features to a wider audience”, according to Sam’an. The crypto platform also aims to continue to develop more user-centric features in the near term.
CoinMENA supports users in Qatar, Oman, Kuwait, Saudi Arabia, United Arab Emirates, and Bahrain.