Egypt’s c.bank reiterates cryptocurrency trade ban after CoinMENA unveils expansion

CoinMENA has announced on Wednesday that it added citizens of Egypt from its base in Bahrain, while sources from replied by reiterating instructions by Egypt’s Central Bank (CBE)  that warns citizens from trading in encrypted digital currencies.

CoinMENA is a digital assets exchange in the Middle East and North Africa region.

CBE issued permanent instructions for all banks to prevent dealing with platforms that allow the trading of these currencies.

CoinMENA aims to enable users in Egypt to open accounts on the platform and access all its services, including connecting their bank accounts to their CoinMENA wallets, allowing them to deposit and withdraw funds directly.

The central bank had repeated its warnings to banks over the past year to ban cryptocurrencies, noting that it had prepared in cooperation with the Money Laundering and Terrorist Financing Unit.

However, Egypt is not only the country which refusing the use of cryptocurrencies, but many countries also banning it, including the Bolivian Central Bank, which issued a resolution banning it and any other currency not regulated by a country or economic zone.

In addition, Macedonia had warned its Citizens that they cannot have crypto securities abroad, adding that crypto is still illegal.

CoinMENA now serves residents from seven countries, including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, and now Egypt.