In Manama, Bahrain, Binance’s subsidiary, BPay Global, has been licensed as a Payment Service Provider (PSP) by the Central Bank of Bahrain.
This is the first time one of its companies has been issued such a license, opening a new era for its operations in this space at the global level.
BPay Global can now provide an array of financial services based on fiat in Bahrain. Some of the services include fiat withdrawals and deposits, wallet services, and safekeeping of funds belonging to customers.
With this license, customers all over the globe can now tie their bank accounts and cards to enable direct fiat transfers through the Binance platform.
This step moves Binance further from crypto and into conventional financial services. Now, customers can have e-wallets and deal in fiat currencies more easier, courtesy of BPay’s integration in the Binance system.
Abdulla Haji, Licensing Directorate director at CBB, welcomed the move. “It is pleasing to note the granting of a new payment service provider’s license in Bahrain. This move further boosts Bahrain’s electronic payments industry and encourages expansion in crypto-based services.”
Binance & BPay global celebrate regulatory milestone
However, BPay Global General Manager Tameem Almoosawi also weighed in. “This is an exciting day for us. BPay Global now has regulatory backing to become a PSP and e-wallet service for customers all over the world. With the license, we can provide secure, low-fee fiat on- and off-ramps for customers.”
The CBB has been progressively advancing in its mission to provide a welcoming platform for fintech companies. This license facilitates its mission to remain in line with international trends in financial digitization. It also reemphasizes Bahrain’s position as an innovation hub for financial services in the region.
This comes at a time when crypto firms at an international level have been calling for firmer regulation. With CBB’s approval, BPay Global receives respectability and an established foundation to offer its services beyond borders.
Nonetheless, with an increase in demand for seamless fiat-to-crypto conversion, BPay Global is in an ideal position to fulfill that requirement. Bahrain’s support is an indication of its determination to become a leader in the Middle Eastern fintech and digital assets business.
