The verdict
7.5 / 10 · CONSIDER
Rain (Manama, founded 2017) was the first crypto firm licensed by the Central Bank of Bahrain. Now operates a regulated crypto-banking offering across Bahrain, UAE (VARA), Saudi Arabia (in progress), Turkey, and Kuwait. AED, BHD, SAR, KWD, USD, EUR fiat rails + 50+ tokens.
◆ BUY IT IF
- Strongest GCC regulatory footprint — CBB (Bahrain) + ADGM (Abu Dhabi) + Saudi pending
- Multi-fiat-currency in-app (rare in GCC)
- $50M raised; backed by Coatue + Paradigm + Coinbase Ventures
- Sharia-considerate product framing — unusual editorial discipline
◇ SKIP IT IF
- No native debit card (Rain Wallet only)
- Smaller liquidity than Binance / OKX in GCC
- Fees higher than EU-passported MiCA exchanges
- Earn rates not yield-leader
§ 01 SCORE BREAKDOWN
Eight axes, weighted.
DIMENSION WEIGHT RATING SCORE
Regulatory safety
Central Bank of Bahrain Crypto-Asset Service licence (first crypto firm licensed by CBB, 2019). ADGM (Abu Dhab
Card & IBAN
No card, no IBAN
Yield
Up to 6% APY
Coin selection
50 coins supported
App UX
Transparency
Proof of Reserves, public filings, incident history
Fees & spreads
Support
§ 02 THE FIELD TEST
How we tested Rain.
Drafted from public sources — regulatory licences verified against issuing-authority registers (NYDFS, FCA, MAS, VARA, FSCA, etc.); fees verified from current published rate cards. Not yet field-tested.
DATE STEP TIME NOTES
— Account opened — KYC completed end-to-end
— First deposit — Not yet field-tested — record drafted from public sources; first-hand testing scheduled for the next review cycle.
— First withdrawal — Not yet field-tested — record drafted from public sources; first-hand testing scheduled for the next review cycle.
— Card activated — Card not supported / not ordered
— Last hands-on check — Drafted from public sources — regulatory licences verified against issuing-authority registers (NYDFS, FCA, MAS, VARA, FSCA, etc.); fees verified from current published rate cards. Not yet field-tested.
§ 03 SPECIFICATIONS
Everything, in one table.
Regulation
- Regulatory status
- Central Bank of Bahrain Crypto-Asset Service licence (first crypto firm licensed by CBB, 2019). ADGM (Abu Dhabi) Financial Services Permission. Saudi licensing in progress.
- FDIC insurance
- No
- MiCA compliant
- No
- Founded
- 2017
- HQ
- Manama, Bahrain
Fees
- Monthly account fee
- Free
- Trading fee
- —
- Withdrawal fee
- Variable
Yield & products
- Earn yield
- 3–6% on USDC + select tokens
- Max APY
- 6%
- Staking
- Yes
- Crypto-backed loans
- No
- Supported coins
- 50
Banking
- IBAN
- No
- Debit card
- No
- DeFi access
- No
- NFT support
- No
Regions
- Regions available
- GCC, AE, UAE, BH, SA, Saudi
- Markets served
- —
Support
- Trustpilot
- N/A
§ 04 FAQ
Frequently Asked Questions
Is Rain safe? +
Rain has a regulatory status of: Central Bank of Bahrain Crypto-Asset Service licence (first crypto firm licensed by CBB, 2019). ADGM (Abu Dhabi) Financial Services Permission. Saudi licensing in progress.. Always verify current regulatory status directly with the platform before depositing.
What is the maximum APY on Rain? +
Rain currently offers up to 6% APY. Rate as of 2026-04-29. Rates change — always check the platform for current rates before depositing.
Where is Rain available? +
Rain is available in: GCC, AE, UAE, BH, SA, Saudi. Markets served: .
Does Rain have a debit card? +
No, Rain does not currently offer a debit card.