In a landmark move for the cryptocurrency and digital finance sector, the Central Bank of Bahrain (CBB) has officially granted a Payment Service Provider (PSP) license to BPay Global B.S.C.(c), a subsidiary of the Binance Group. This makes BPay the first Binance-affiliated entity to secure a PSP license globally, underlining Bahrain’s commitment to fostering a forward-looking and inclusive regulatory environment for fintech and crypto innovation.
The license will allow BPay Global to offer a suite of fiat-related services, including account funding through bank transfers, credit and debit card payments, fiat withdrawals, and custody solutions. These services are set to streamline the user experience for Binance customers worldwide, enabling them to interact with digital assets through familiar and regulated financial infrastructure.
A Strategic Boost to Bahrain’s Fintech Ambitions
According to the Central Bank of Bahrain, the approval is a strategic development aimed at enhancing the country’s digital payments ecosystem. It reflects Bahrain’s growing reputation as a supportive jurisdiction for blockchain-based services and cryptocurrency operations. The CBB emphasized that BPay’s operations would be supervised under the existing regulatory framework, ensuring compliance with all relevant financial and anti-money laundering laws.
Mr. Abdulla Haji, Director of the Licensing Directorate at the Central Bank of Bahrain, expressed optimism about the license approval: “We welcome BPay Global into our growing ecosystem of licensed fintech and crypto firms. This approval reinforces our dedication to modernizing financial services and supporting innovation that serves local and global users.”
Expanding Binance’s Regulated Global Footprint
The move also signals Binance’s continued efforts to expand its regulated presence in key jurisdictions. With increasing scrutiny on centralized exchanges and their compliance practices, the addition of a regulated fiat service arm under BPay provides Binance users with added transparency and assurance.
BPay Global’s licensed services will benefit users by providing secure and compliant access to fiat payment rails, reducing friction in trading and investing in digital assets. It will also simplify the onboarding process for users who may be less familiar with cryptocurrency-native transactions, thereby fostering wider adoption.
The CBB’s decision arrives at a time when the global financial sector is steadily embracing digital transformation, with the Middle East emerging as a significant hub for fintech development. Bahrain, in particular, has carved a niche for itself with proactive policies and a flexible regulatory approach that encourages innovation while maintaining financial stability.
As more countries assess their positions on digital assets and related services, Bahrain’s latest move places it firmly on the map as a regional leader in regulated crypto infrastructure. The BPay license may set a precedent for similar approvals in the region, opening the door to a more interconnected and regulated global crypto economy.
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