Cryptocurrency trading platform submits an application for a license to the Iraqi
The platform’s CEO, Talal Al-Tabbaa, said in a press statement that “the cryptocurrency trading platform “Coinmena” intends to conduct a new funding round in early 2022, after the success of the first round in raising $9.5 million, noting that “most of the amount resulting from the financing round, will be used to market Queenmena's activity, products and services across the Gulf markets, while we will invest the rest for expansion."
He added that "the cryptocurrency trading platform, licensed by the Central Bank of Bahrain, aims to expand the scope of its operations in the Middle East and North African markets," stressing that "he submitted licensing applications to the central banks of Iraq, Jordan and Sudan, as well as signing a memorandum of understanding with the Dubai Center." Global trade center to create a hub for digital assets and “Blockchain” technology.
He pointed out that "the number of users of the platform is growing by 350% per month, since its launch in March," noting that there is great room for growth, as the proportion of cryptocurrency traders in the Middle East and North Africa does not exceed 2% to the population, while the global average exceeds 3.5%".
The Central Bank of Iraq had warned in November of this year 2021 of the risks of dealing in the digital, encrypted and virtual currency market, given the great risks associated with these currencies and their lack of any legal, regulatory or technical controls or legislation in Iraq.
The bank indicated that it does not guarantee such currencies and does not provide legal protection for those who deal with them, and has not granted a license to any digital currency currently encrypted.
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