The Central Bank of Bahrain (CBB) has officially given a Payment Service Provider (PSP) license to Binance’s subsidiary, BPay Global. With the license in place, BPay can now function within the Kingdom.
Binance’s BPay to Begin Operations in Bahrain Soon
As a part of the PSP license news, BPay Global is now enabled to offer a range of fiat currency services to Binance’s international user base, including deposits, withdrawals, custody, and various payment solutions.
As part of the Binance Group, BPay Global will help with seamless fiat services for Binance users worldwide. Customers will now be able to open e-wallets, perform fiat top-ups via bank transfers or debit/credit cards, and enjoy enhanced payment flexibility on the Binance platform. Moreover, BPay Global is authorized to hold fiat funds on behalf of users, for a secure and regulated custody.
CBB’s Director of Licensing, Mr. Abdulla Haji, highlighted the significance of the development, stating: “We are pleased to welcome a new payment service provider into Bahrain’s financial ecosystem. This license marks a meaningful contribution to strengthening our digital payment landscape, especially in support of both crypto-oriented and fiat payment innovations. The CBB remains committed to fostering a progressive and globally aligned fintech environment.”
Mr. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, expressed enthusiasm about the launch of BPay Global saying that it will allow the firm to serve as a global payment and e-wallet provider offering Binance users more affordable and convenient fiat on- and off-ramp options.
The PSP license marks a remarkable achievement for Binance, representing the company’s first major regulatory achievement for one of its subsidiaries. Binance continues to build its prominence in the global crypto space, its user base recently surpassed 250 million.
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