CoinMENA recently expanded to Iraq, bringing XRP and crypto services to investors within the country.
CoinMENA, a leading crypto exchange looking to serve the Middle East and North Africa (MENA) region, has expanded its services to Iraq, allowing investors in the country to seamlessly trade XRP as well as other digital assets supported on its platform.
The development was disclosed in a recent report from a local Iraqi media outlet. Iraq represents the eighth country within MENA that has welcomed the crypto exchange. The latest development highlights CoinMENA’s commitment to providing a safe and secure platform for crypto investments in MENA.
Launched in 2019, CoinMENA is a Sharia-compliant crypto exchange operating from the Kingdom of Bahrain in which it has secured an operational license. The exchange is regulated by the Central Bank of Bahrain (CBB), and seeks to expand to the entire Middle East and North Africa region.
The latest expansion brings the total number of countries supported by CoinMENA to eight. The platform carried out a slew of expansive moves last year, penetrating Qatar in May 2022 and Egypt in July 2022. Iraq is its latest destination.
The recent move from CoinMENA gives Iraqis an opportunity to buy, sell, and trade XRP as well as 27 other cryptocurrencies. This development will help bolster crypto adoption in a country where investors have had limited access to digital assets due to the government’s regulatory stance.
The central bank of Iraq placed a ban on cryptocurrencies in 2017 amid the escalating bull run. However, this has done little to impede the growing adoption of digital assets in the country, as financial authorities have been limited in their attempt to enforce the prohibition.
XRP to Establish a Presence in Iraq
Amid the U.S. SEC’s legal tussle with Ripple, XRP’s potential has been dampened by the limitations it faces in the United States, as several exchanges, including Coinbase, have chosen to suspend support for the asset. Despite this setback, XRP has been the go-to asset for investors in several other countries.
In particular, South Korean investors have become extremely interested in the asset of late, as it recently dominated trade volume on the top exchanges in the country, securing its position as the most popular altcoin. Being one of the few assets supported by CoinMENA, its exposure in Iraq will allow XRP to establish a presence in yet another country.
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