Skip to main content

Bahrain’s CoinMENA to offer crypto services in Egypt

Crypto is particularly growing in Bahrain and the UAE, in part due to evasion of sanctions on Russia in the latter.
CoinMENA

The Bahrain-based cryptocurrency firm CoinMENA said today that Egyptians may now use its platform. Citizens and residents of Egypt can open accounts on CoinMENA, connect their own bank accounts and withdraw funds, according to a press release. 

CoinMENA allows customers to buy and sell cryptocurrencies such as Bitcoin. It is based in Bahrain and regulated by the Central Bank of Bahrain. CoinMENA complies with Islamic financing rules, per its website. 

Why it matters: Cryptocurrency is growing in the Middle East, particularly in Gulf states. CoinMENA now operates in the United Arab Emirates, Saudi Arabia, Kuwait, Oman and Qatar, in addition to Egypt and Bahraib. 

In a recent interview with Zawya, CoinMENA founder Talal Tabbaa credited Bahrain and the UAE for crypto’s growth in the region by issuing regulations on digital assets. He also mentioned the large tech-savvy youth population in the Middle East. 

Last week, RAKBANK in the United Arab Emirates announced a partnership with the cryptocurrency company Kraken. The agreement will allow customers of the digital bank to buy and sell cryptocurrencies using Emirati dirhams, as opposed to dollars via foreign bank accounts. 

Kraken announced plans in April to open an office in Abu Dhabi following the crypto firms Bybit and Crypto.com moving to Dubai

Authorities in Egypt have not always welcomed cryptocurrencies. Last year, the Central Bank of Egypt warned Egyptians against using them.

Know more: The UAE’s crypto push was aided by wealthy Russians seeking to liquidate money via crypto exchanges in the country earlier this year, Sebastian Castelier wrote for Al-Monitor PRO this month. The push came in response to Western sanctions against Russia over the invasion of Ukraine. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial