Bahrain-based cryptocurrency exchange, Rain, has acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB). It has closed a seed round of $2.5MM USD along with BitMEX Ventures. With this, Rain has become the first licensed crypto exchange in the Middle East.

When Rain established contact with the (CBB), the team met the regulator’s senior members in an information session on cryptocurrency. Soon after, it became the first exchange to enter the CBB’s Regulatory Sandbox Program. It worked closely with the regulator for the past two years to provide recommendations from the industry’s perspective.

The crypto firm lets the user buy, sell and store Bitcoin, Ethereum, Litecoin, and Ripple. Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago are the founders of the exchange. Additionally, the web and mobile-based platforms allow users in Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman to buy these cryptocurrencies using their bank accounts, debit cards or credit cards.

As per our sources, Rain charges a fee of 1.5% (of transaction value) on purchases made through bank transfers, 4% for the ones made using debit or credit cards and 1.5% of the transaction value a sale.

Lately, exchanges all over the world are facing problems to be fully licensed crypto exchange. However, Chicago based crypto exchange ErisX obtained derivatives clearing organization license from the Commodity Futures Trading Commission.