Binance's BPay Global Secures PSP License in Bahrain for Global Fiat Services

BPay Global, a subsidiary of Binance, has been granted a Payment Service Provider (PSP) license by the Central Bank of Bahrain. This license allows BPay Global to offer fiat payment services to all Binance customers globally, including deposits, withdrawals, and custodial services. This marks the first time a Binance entity has been licensed to operate as a full-fledged payment service provider.

With the PSP license, BPay Global can now facilitate fiat transactions for Binance users through bank transfers and debit or credit cards directly on the platform. This development is part of Bahrain's broader strategy to enhance its digital payments ecosystem and support the crypto-related sector. Abdulla Haji, Director of the CBB’s Licensing Directorate, highlighted that this license represents a positive step in this direction, demonstrating Bahrain’s dedication toward becoming a leader in the digital finance domain.

The PSP license acquisition by BPay Global is expected to provide Binance users with additional low-cost options for fiat on-and off-ramps. This move strengthens Binance’s regulated service offerings in the Gulf region and aligns with Bahrain’s efforts to establish itself as a digital finance hub. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, emphasized that the license will provide Binance users with additional low-cost options for fiat on-and off-ramps. This move strengthens Binance’s regulated service offerings in the Gulf region and aligns with Bahrain’s efforts to establish itself as a digital finance hub.

The issuance of the license by Bahrain demonstrates that the country maintains a positive attitude toward embracing innovative financial products. The government of Bahrain establishes programs to expand the development of traditional as well as digital financial operations. The licensing framework from CBB would improve Bahrain’s digital payment infrastructure, according to Abdulla Haji, who serves as licensing director. He emphasized that the license helps the expanding crypto market while following worldwide trends in financial technology.

This development is expected to lead to further global integration of digital assets. The regulatory permit remains essential due to ongoing business efforts from Binance and other companies. The PSP license allows Binance to give its worldwide users dependable and efficient payment solutions. The adoption of digital currencies worldwide expects BPay Global’s PSP license to participate actively in defining digital payment frameworks.

Lastly, the PSP license, which BPay Global obtained in Bahrain, stands as a significant achievement for Binance and the expanding cryptocurrency market. With regulatory approval, Binance can provide convenient and high-security payment services to its worldwide user base, especially for users who need to connect their fiat to crypto assets. Bahrain shows its support for financial service innovation through the regulatory approval process.