The Central Bank of Bahrain (CBB) has granted BPay Global a Payment Service Provider (PSP) license to operate in the Kingdom of Bahrain.

BPay Global, a payment services company within the Binance Group, is now authorised to offer fiat-related services to Binance users worldwide.

These services include fiat top-ups and withdrawals, custody, and other payment solutions.

The license enables Binance users to open an e-wallet and conduct fiat top-ups via bank transfers or debit/credit card payments on the platform.

Additionally, BPay Global is permitted to hold fiat currency on behalf of customers.

Abdulla Haji, Director of the Licensing Directorate at the CBB, said:

“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. The CBB remains committed to enabling a dynamic and progressive payment landscape that aligns with global advancements in financial technology.”

Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, stated:

“We are glad to announce the launch of BPay Global and the first Payment Service Provider license received by a Binance company, allowing it to act as a payment service provider and e-wallet provider for users around the world. With this licence, BPay Global will provide Binance users with further choice of low-cost fiat on-and off-ramps.”

Featured image credit: edited from freepik