Binance BPay Global Secures Payment License in Bahrain

Binance is stepping up its presence in the Middle East. On April 9, its subsidiary BPay Global received a Payment Service Provider (PSP) license from the Central Bank of Bahrain (CBB). 

This new license allows Binance to offer more fiat-related services through BPay Global, now recognized as a regulated financial entity in Bahrain.

The approval marks a big step for Binance’s push into regulated markets. It also further supports Bahrain’s goal of becoming a digital finance hub in the MENA region.

Binance Expands Payment Options with BPay Global License

With this license, BPay Global can now handle fiat deposits, withdrawals, custodial services, and e-wallet functions. 

Binance users will benefit from more convenient fiat transactions, whether through bank transfers, debit, or credit cards, directly from the Binance platform.

Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, described the move as a major milestone. He added that BPay Global will provide Binance users with a further choice of low-cost fiat on- and off-ramps with this license. 

This is also the first time a Binance entity has been fully licensed to operate as a payment service provider, making the development even more significant.

Bahrain To Build A New Hub For Digital Finance

The CBB’s recent move reflects Bahrain’s effort to build a strong digital payment system, including regular money and cryptocurrency. Bahrain has made clear moves to support crypto under strict rules in the past year. 

In April 2024, ARP Digital, founded by a former Goldman Sachs partner, got a license from the National Bank of Bahrain. The company introduced the region’s first investment product linked to Bitcoin. 

It lets people earn from the asset without risking all their money. Crypto.com also received a payment license in Bahrain, adding to the number of global crypto companies working there.

Between July 2023 and June 2024, the MENA region made up 7.5% of global crypto transactions. Bahrain is becoming one of the main centers for this activity.

A Global Shift Toward Regulation

Bahrain’s push for crypto is part of a bigger global trend. Across Europe, regulators are now setting clear rules for crypto. 

In February, the crypto exchange OKX was approved under the European Union’s Markets in Crypto-Assets (MiCA) framework. 

The exchange will offer crypto services in all 28 countries of the European Economic Area. OKX now provides localized platforms with euro trading pairs and customer support in local languages from its base in Malta.

Likewise, Kraken got a license in the UK to issue electronic money and improve financial payments. 

It also approved offering crypto trading in Europe under new EU rules. Crypto adoption in the UK has also reached 12% of adults. This indicates that clear rules are helping more people trust and use digital money.