Binance subsidiary BPay Global gets Bahrain Central Bank payment license
As announced on April 9, Binance subsidiary BPay Global received a Payment Service Provider license from the Central Bank of Bahrain.
Binance may extend its fiat services via Bahrain-regulated BPay Global with the license.
BPay Global offers fiat top-ups, withdrawals, custody, and e-wallet services.
Binance now accepts bank transfers and debit/credit cards for fiat transactions.
Abdulla Haji, Director of the CBB's Licensing Directorate, said this license would improve Bahrain's digital payments ecosystem, especially for crypto and fiat payment solutions.
Binance Bahrain and BPay Global General Manager Tameem Almoosawi stated this is the first time a Binance firm has been licensed as a full-fledged payment service provider.
“With this license, BPay Global will provide Binance users with more low-cost fiat on-and off-ramps,” Almoosawi stated.
Bahrain's Crypto Strategy: Bitcoin Products, BPay Licensing
Binance's Gulf regulated services are strengthened by BPay's Bahraini entrance.
BPay Global's PSP license approval supports Bahrain's digital finance regulatory clarification efforts.
The Kingdom has fast become MENA's digital financial powerhouse.
In October 2024, the National Bank of Bahrain (NBB) announced the region's first Bitcoin-linked structured investment product.
This product, designed with ARP Digital, co-founded by a former Goldman Sachs associate, gives accredited investors an opportunity to profit from Bitcoin with a cap and complete capital protection.
ARP Digital got an operating license from the NBB in April 2024 to grow its crypto custody, trading, and portfolio management services.
Before this, Bahrain gave Crypto.com a PSP license, increasing its regulated crypto industry.
MENA accounted for 7.5% of worldwide crypto transaction volume between July 2023 and June 2024, according to Chainalysis.
Several bitcoin businesses operate in Bahrain due to its aggressive regulatory attitude.
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