Bahrain: CBB Verifies Authenticity of ‘bahrain.bitcoin’

The Central Bank of Bahrain (CBB) has instructed all retail banks to refrain from blocking customer accounts if the customer has lost his or her employment or has retired.
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A fraudulent organisation is targeting the Kingdom’s citizens and residents in an attempt to sell cryptocurrency.

A fraud institution under the name ‘bahrain.bitcoin’ claims to have been licensed by the Central Bank of Bahrain (CBB) as a cryptocurrency trading platform, which was denied by the CBB.

“The CBB wishes to emphasise that the above-mentioned entity is not licensed by the CBB and that the activity of promoting financial services to residents in the Kingdom falls within the scope of regulated financial services in accordance with the CBB and Financial Institutions Law of 2006,” the CBB stated in a statement issued.

The CBB also stressed the need for consumers to ensure the utmost care and caution, and take into consideration the risks, when investing, dealing or trading any amounts with any person, institutions, companies or websites, including social media, and to ensure that they hold the necessary licenses from the Central Bank of Bahrain to engage in such activities.

“Consumers are encouraged to visit the register of licensed financial institutions on CBB’s website to verify the authenticity of such institutions.”

The website of ‘bahrain.bitcoin’ even lists a commercial registration number in Saudi Arabia while mentioning itself as a closed joint-stock company.

The CBB emphasised that the entity was not licensed by it and that the activity of promoting financial services to residents in the Kingdom falls within the scope of regulated financial services in accordance with the Central Bank of Bahrain and Financial Institutions Law of 2006.

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