U.S.-based cryptocurrency exchange Bittrex is partnering Bahrain’s Rain Management WLL to launch digital asset trading platform for customers in the Middle East and North Africa (MENA) region.
Under the partnership, Rain will have access to all cryptocurrencies and digital tokens available on both the Bittrex and Bittrex International platforms.
Additionally, the new platform will also offer four new trading pairs with Bitcoin (BTC) and currencies in the Middle East such as Bahraini dinar – BHD/BTC, Saudi riyal – SAR/BTC, United Arab Emirates dirham – AED/BTC and Kuwaiti dinar – KWD/BTC.
Tuesday, Rain became the first cryptocurrency exchange to earn a regulatory license in the Middle East. Rain received the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB) to buy, sell, and store cryptocurrency in a regulated, secure, and compliant way in the region.
Rain and Bittrex believe that the partnership will help bring international standards to the MENA region in terms of pricing, fees, and selection of cryptocurrencies.
In June, Bittrex had announced that 32 cryptocurrencies would no longer be accessible to customers in the U.S., effective June 21. The exchange said this does not affect the availability of these cryptos on Bittrex International for non-U.S. Customers.
In April, The New York State Department of Financial Services or NYDFS had denied virtual currency license, known as a BitLicense, to Bittrex for failure to meet the licensing requirements of NYDFS.
BitLicense is the license to engage in virtual currency business and money transmission activity in state of New York issued by the NYDFS.
