BPay Global, a Binance subsidiary, has received a Payment Service Provider license from the Central Bank of Bahrain, allowing it to offer regulated fiat services in Bahrain. This license enables BPay Global to facilitate fiat top-ups, withdrawals, custodial services, and e-wallet functions, enhancing Binance users’ ability to conduct fiat transactions via bank transfers and debit or credit cards.
Abdulla Haji from the Central Bank of Bahrain highlighted that this move boosts Bahrain’s digital payments ecosystem, particularly benefiting the crypto and fiat sectors. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, emphasized that the license marks Binance’s first as a full-fledged payment service provider, offering users additional low-cost fiat options.
BPay’s entry strengthens Binance’s regulated offerings in the Gulf region, aligning with Bahrain’s push for regulatory clarity in digital finance. Recently, Bahrain launched the region’s first Bitcoin-linked investment product through the National Bank of Bahrain, aiming to position itself as a digital finance hub in the MENA region.
Globally, crypto licensing is gaining momentum, with OKX securing European MiCA license rights, allowing seamless services across 28 EEA nations. Similarly, Kraken obtained an EMI license from the UK’s FCA, enhancing its payment services and expanding into regulated derivatives trading across Europe. These developments highlight the integration of crypto services into traditional financial systems.
