Binance Subsidiary Bpay Secures Bahrain Payment Service Provider License

In a significant regulatory milestone, BPay Global, a subsidiary of Binance, has been granted a Payment Service Provider (PSP) license by the Central Bank of Bahrain (CBB). 

The recent development marks the first time a Binance-affiliated entity has received a PSP license, highlighting the group’s growing commitment to regulatory compliance and financial services expansion. 

With this license, BPay Global is now authorized to offer a suite of fiat-related services within Bahrain and to Binance users globally. 

These services include fiat deposits and withdrawals, custody of funds, and other payment functionalities, opening the door to a more seamless bridge between traditional finance and cryptocurrency for Binance’s global customer base.

Enhancing Fiat Access and E-Wallet Functionality for Binance Users

The PSP license significantly boosts Binance’s capabilities in fiat operations. BPay Global will now facilitate e-wallet services that allow Binance users to top up their accounts using bank transfers, credit, and debit cards. 

Additionally, the company is licensed to provide secure custody of fiat funds, enhancing the trust and reliability of Binance’s fiat infrastructure. 

The regulatory green light supports Binance’s broader efforts to create a compliant and user-friendly financial ecosystem, especially as the exchange continues to expand in regions where digital asset regulation is evolving rapidly. 

Bahrain’s proactive approach to fintech innovation further strengthens the legitimacy of this move, positioning the Kingdom as a favorable hub for regulated crypto-financial services.

Also Read: Crypto.com Taps on Cross-Border Services for All EEA Member States With MiCA License

CBB Endorses Crypto-Fiat Integration in Bahrain’s Evolving Fintech Sector

Commenting on the licensing approval, Mr. Abdulla Haji, Director of the Licensing Directorate at the CBB, expressed optimism about Bahrain’s role in driving digital payment innovations. 

He noted that the license granted to BPay Global reflects the country’s commitment to advancing its digital payments infrastructure while supporting crypto-related businesses in a regulated manner. 

The CBB aims to foster a modern and secure payment landscape that aligns with global financial technology trends, signaling continued openness to fintech companies operating at the intersection of crypto and traditional finance. 

The endorsement of a Binance-linked entity further validates Bahrain’s ambition to be a regional leader in financial innovation.

Broader Context: Global Crypto Licensing Momentum Builds

The approval of BPay’s license in Bahrain is part of a broader trend in which crypto companies are seeking official regulatory footing to support their global operations. 

Recently, El Salvador’s CNAD granted Digital Asset Service Provider (DASP) licenses to Freedx and Bitget, enabling these platforms to offer comprehensive crypto services with regulatory certainty. 

Bitget now operates under a dual-license regime, covering both crypto and fiat services. These developments reflect a shift in the industry, where regulatory compliance is increasingly seen not as a barrier, but as a strategic advantage. 

Binance’s successful licensing effort in Bahrain aligns with this trend and sets a precedent for how major exchanges can grow through collaboration with forward-thinking regulatory bodies.

Also Read: Vietnam To Launch State-Licensed Digital Asset Exchange In March Amid Growing Crypto Regulations