Binance subsidiary BPay Global secures first PSP license from Central Bank of Bahrain

BPay Global, a payment services provider under the Binance Group, has received its initial Payment Service Provider (PSP) license from the Central Bank of Bahrain (CBB) as of April 9. 

The license officially authorizes BPay Global to operate legally within the Kingdom of Bahrain and provide a suite of fiat payment services to Binance users globally.

The company will offer Binance users seamless fiat services worldwide. As a result, users will now have the option to open e-wallets and carry out fiat top-ups using debit or credit cards or bank transfers.

Binance expands into the Kingdom of Bahrain with BPay Global’s PSP license

BPay Global is one of the Binance Group’s payment service providers. With the PSP license, the company can offer fiat services, such as custody and other payment services, fiat top-ups, and withdrawals, to Binance users worldwide. By doing this, Binance users can create an e-wallet and top up their funds using bank transfers and debit/credit card payments on the Binance platform. Additionally, the license will enable BPay Global to custody fiat on behalf of its clients.

In a statement after the announcement, Mr. Abdulla Haji, Director of Licensing Directorate at CBB, said, “It is with great pleasure that we announce the licensing of a new payment service provider in the Kingdom of Bahrain.” 

From his perspective, he said that the issuance of this license was an important milestone that benefited the contribution of the digital payments landscape in Bahrain, especially its support for fiat payment solutions and the cryptocurrency-associated sector.

Additionally, Haji said, CBB remained at the forefront of fostering a vibrant and cutting-edge payments environment in alignment with global best practices in financial technologies.

Mr. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global also commented on the announcement. 

He said that they were thrilled to announce the launch of BPay Global and the first Payment Service Provider license ever given to a company in the Binance group, enabling it to serve as an e-wallet and payment service provider for users worldwide. According to Almoosaw, the license would enable Binance to offer its users more affordable fiat on-ramps and off-ramps.

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