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The Central Bank of Bahrain (CBB) has officially granted a Payment Service Provider (PSP) licence to BPay Global, a payment services firm under the Binance Group, marking a strategic milestone in Bahrain’s push to enhance its digital payments ecosystem and support the growth of crypto-related financial services.
With the newly issued PSP license, BPay Global is now authorized to offer a comprehensive suite of fiat services to Binance users globally. These services include fiat top-ups and withdrawals, e-wallet functionalities, custody of customer funds, and broader payment processing capabilities. Through this licence, Binance customers will be able to perform fiat transactions, such as bank transfers and debit or credit card payments, directly on the platform, further bridging the gap between traditional finance and digital assets.
According to Abdulla Haji, Director of Licensing at the Central Bank of Bahrain, the move represents a significant step in bolstering the country’s regulatory framework and digital finance infrastructure.
“We are pleased to announce the issuance of a licence to a new payment service provider in Bahrain. This licence 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,” Haji stated. “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, echoed this sentiment, emphasizing the importance of regulatory compliance and innovation in financial services.
“We are glad to announce the launch of BPay Global and the first Payment Service Provider licence received by a Binance company. This enables BPay Global to act as a regulated payment and e-wallet service provider for users worldwide,” said Almoosawi. “With this licence, BPay Global will offer Binance users greater access to low-cost fiat on- and off-ramps.”
This development highlights Bahrain’s role as an emerging leader in fostering regulatory technology solutions, compliance automation, and financial innovation in the Middle East. By licensing entities that merge traditional fiat systems with blockchain-enabled platforms, the CBB is reinforcing its commitment to a forward-looking regulatory compliance framework while simultaneously supporting risk assessment, regulatory reporting, and payment innovation in the region.
As regulatory bodies globally continue to navigate the integration of crypto-related services within existing financial systems, Bahrain’s proactive licensing strategy for companies like BPay Global sets a precedent for regulatory intelligence, compliance management, and governance in fintech ecosystems.
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