Binance Subsidiary BPay Global Secures Payment License from Central Bank of Bahrain Hassan Shittu | usagoldmines.com

BPay Global, a subsidiary of Binance, secured a Payment Service Provider license from the Central Bank of Bahrain, as confirmed in an announcement on April 9.

The license allows Binance to expand its fiat services through BPay Global, operating as a regulated entity in Bahrain.

BPay Global is authorized to provide fiat top-ups, withdrawals, custodial services, and e-wallet functions.

Binance users can now conduct fiat transactions through bank transfers and debit or credit cards directly on the platform.

“This license represents a positive step in enhancing Bahrain’s digital payments ecosystem, particularly in its support for the crypto-related sector as well as fiat payment solutions,” said Abdulla Haji, Director of the CBB’s Licensing Directorate.

Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, said this marks the first time a Binance entity has been licensed to act as a full-fledged payment service provider.

“With this license, BPay Global will provide Binance users with further choice of low-cost fiat on-and off-ramps,” Almoosawi said.

Bahrain’s Crypto Strategy: From Bitcoin Products to BPay Licensing

BPay’s entry into the Bahraini market strengthens Binance’s regulated service offerings in the Gulf region.

The approval of BPay Global’s PSP license adds to Bahrain’s broader push for regulatory clarity in digital finance.

The Kingdom has moved quickly to establish itself as a digital finance hub in the MENA region.

According to a report from October 2024, the National Bank of Bahrain (NBB) launched the region’s first Bitcoin-linked structured investment product.

This product, developed in collaboration with ARP Digital—co-founded by a former Goldman Sachs partner—offers accredited investors exposure to Bitcoin’s potential gains, with a capped upside and full capital protection on the downside.

In April 2024, ARP Digital also received an operational license from the NBB, allowing it to expand its crypto custody, trading, and portfolio management services.

Just prior to this, Crypto.com was also granted a PSP license in Bahrain, adding to the country’s expanding ecosystem of regulated crypto entities.

Between July 2023 and June 2024, Chainalysis data showed that the MENA region accounted for 7.5% of global crypto transaction volume.

Bahrain’s proactive regulatory approach has made it a base of operations for several cryptocurrency firms.

Crypto Licensing Trends Across Global Markets

Bahrain’s stance on crypto licensing mirrors a broader international trend, as regulators in Europe and beyond begin to formalize oversight of digital asset platforms.

On February 18, OKX announced that it had secured passporting rights under the European Union’s Markets in Crypto-Assets (MiCA) framework.

From its Malta headquarters, OKX is now legally authorized to provide services across all 28 European Economic Area (EEA) states.

This includes spot and bot trading, OTC infrastructure, and over 300 trading pairs.

Users in countries such as Germany, France, Italy, and Sweden now have access to localized platforms, Euro-denominated trading pairs, free bank transfers, and local-language customer support.

Kraken also recently secured an Electronic Money Institution (EMI) license from the UK Financial Conduct Authority.

This allows the exchange to issue electronic money and improve deposit and withdrawal services for users in the UK.

Crypto adoption in the UK has reached 12% of the adult population.

Kraken’s licensing, along with its recent approval under the EU’s MiFID framework, enables the exchange to offer regulated derivatives trading across Europe.

BPay Global’s licensing, along with similar developments across Europe, reflects the growing effort to integrate crypto services into established financial frameworks.

The post Binance Subsidiary BPay Global Secures Payment License from Central Bank of Bahrain appeared first on Cryptonews.

This articles is written by : Nermeen Nabil Khear Abdelmalak

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