In a recent announcement UAE and Bahrain regulated crypto broker CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.

Dina Saman, Chief Operating Officer, CoinMENA, stated, “I am thrilled to announce that CoinMENA has surpassed $2 billion in trading volume. This milestone is a testament to our remarkable growth and relentless pursuit of excellence. We couldn’t have done it without the unwavering trust of our users. Your confidence in us drives everything we do, and we are profoundly grateful for your support.”

CoinMENA began operations in the MENA back in March 2021 when it was licensed by the Central Bank of Bahrain. Its services quickly expanded to cover users across the GCC and MENA region.

Fastforward to December 2023, CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), obtained a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA).

At the time CoinMENA’s co-founders Dina Sam’an and Talal Tabbaa said: “Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services. Building strong relationships with local regulators has been a priority for us since day one,” said Sam’an. “We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.”

 Since then CoinMENA has offered many new solutions and offerings to its users, including for example it added Telegram’s The Open Network (TON) to its platform, allowing users to send USDT via the TON blockchain. According to the announcement CoinMENA became the first regional platform to enable USDT withdrawals via the TON network.

Prior to that CoinMENA partnered with Zodia Markets, a UK headquartered digital asset trading business, backed by Standard Chartered enhancing its liquidity on its platform. The partnership provided CoinMENA users with enhanced liquidity and reduced slippage on high-volume trades for G10 and GCC currencies vs a list of vetted and well-researched stablecoins and crypto assets.

In addition CoinMENA also partnered with Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, to provide users with a seamless and secure onramp from fiat to crypto via card deposits.

In March 2024, Talal Tabbaa, noted that the crypto exchange witnessed all-time high in crypto trading volume in February 2024. As he stated, “CoinMENA hit an all-time high in trading volume this February, surpassing January by 80%. January itself set a record with a 64% increase from December.” He explained at the time that the majority of this volume came from institutions, family offices, and high net worth individuals.

Today with surpassing $2 billion in trading volume, Talal Tabbaa stated on LinkedIn, “Super proud of everyone at CoinMENA for crossing the 2 billion USD mark in on/off ramp flows! We are just getting started. I have no doubt that selecting the right partners and team members is the single most important decision. Our collective belief that crypto is a better way to provide financial services and Bitcoin is a better way to save brings us together, and we are committed to continue serving individuals, companies and regulated financial institutions with excellence.”