Manama: The Central Bank of Bahrain (CBB) has granted BPay Global B.S.C.(c) (BPay Global) a Payment Service Provider (PSP) license to operate in the Kingdom of Bahrain.
BPay Global is a payment services company in the Binance Group. The PSP license will allow the company to provide fiat services to Binance customers globally, including fiat top ups and withdrawals, custody and other payment services. This will enable Binance customers to open an e-wallet and make fiat top ups on the Binance platform through bank transfers and debit/credit card payments. The license will also allow BPay Global to custody fiat on behalf of customers.
“We are pleased to announce the issuance of a license to a new payment service provider in Bahrain. This license represents a positive step in enhancing Bahrain’s digital payments ecosystem, particularly in its support for 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,” Abdulla Haji, Director of Licensing Directorate at CBB, said.
“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 license, BPay Global will provide Binance users with further choice of low-cost fiat on- and off-ramps,” Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, said.
