- BPay Global obtained Bahrain’s central bank’s initial PSP license, giving customers across the world secure access to Binance fiat payment services.
- Through the license, BPay Global offers its customers seamless e-wallet functionalities and international payment solutions for fiat transactions.
- Bahrain establishes itself as a domain for emerging financial technology through its regulatory licensing process, which extends Binance’s conventional financial network capabilities.
The Central Bank of Bahrain (CBB) awarded its first Payment Service Provider (PSP) license to BPay Global, a Binance subsidiary. The move enables the company to offer essential fiat services globally. This regulatory decision supports Bahrain’s vision as a regional fintech hub and enhances secure digital payment options.
PSP License Issued by CBB
The CBB granted the license to BPay Global to operate in Bahrain. The approval allows the company to provide fiat deposits, withdrawals, custody, and related payment services. Regulatory authorities required BPay Global to meet strict standards for safety and transparency. The PSP license represents a measured step toward integrating traditional finance with digital asset services.
BPay Global becomes the first Binance-owned firm to obtain this type of license. The regulatory body followed its comprehensive process to grant the license. Financial institutions and market participants recognize the improved operational framework. The decision adheres to global standards and supports a dynamic payment environment.
BPay Global’s approval also aligns with Bahrain’s goal to foster innovation in financial technology. The central bank emphasized security and modern infrastructure during the review process. The license contributes to Bahrain’s commitment to secure digital and fiat payment ecosystems.
Expanded Fiat Service Access
The new PSP license allows Binance customers to create an e-wallet within its platform. Customers can deposit fiat into wallets using bank transfers, credit cards, and debit cards. The service streamlines fiat funds and digital asset management. Customers will have low-cost deposit and withdrawal options.
BPay Global will also custody fiat funds on behalf of its customers. This feature provides an enhanced safeguard for user funds and streamlines operational procedures. The company’s services now extend to a broader global market. Improved fiat on- and off-ramps give users more choice in managing their assets.
The approval expands Binance’s operational reach in traditional financial channels. The enhanced service model meets evolving customer demands in digital and fiat payment markets. This approach supports a secure ecosystem for rapid financial transactions and modern banking practices.
Regulatory and Industry Reactions
The license award aligns with Bahrain’s strategy to advance its digital payments ecosystem. Abdulla Haji, Director of licensing at the CBB, confirmed that the decision strengthens both crypto and traditional financial solutions. The licensing process required stringent measures to ensure reliability and compliance.
Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, stated that the license offers Binance users greater flexibility. The improved payment options enhance overall customer experience and operational efficiency. The regulatory review process and operational safeguards were key to the approval. Market participants anticipate that the new measures will boost secure digital payment growth in the region.
This regulatory milestone confirms Bahrain’s proactive approach toward embracing financial technology innovations. The issuance of the PSP license marks a notable shift for both traditional and digital finance sectors in the Kingdom. The advancement sets the stage for expanded financial services and improved user accessibility worldwide.
