Binance Subsidiary BPay Gets First PSP License in Bahrain

• BPay Global receives PSP license from Bahrain’s Central Bank.
• License allows fiat deposits, withdrawals, and custody services.
• Marks the first PSP license for a Binance-owned company.

A New Milestone for Binance in Bahrain

The Central Bank of Bahrain (CBB) has officially granted a Payment Service Provider (PSP) license to BPay Global, a company under the Binance umbrella. This move marks a major step forward for Binance’s operations in the Middle East and globally, as it allows BPay Global to legally provide fiat-based financial services within the Kingdom of Bahrain.

BPay Global now has the authority to offer crucial services like fiat deposits and withdrawals, custody solutions, and various other payment offerings to Binance users worldwide. This license is the first of its kind to be awarded to a Binance-affiliated entity, highlighting a deepening relationship between Binance and the Bahraini regulatory framework.

Expanding Binance’s Fiat Capabilities

With this new PSP license, BPay Global is poised to strengthen Binance’s fiat infrastructure. This includes enabling users to more easily convert between crypto and fiat currencies, securely store funds, and access enhanced payment functionalities across borders.

This strategic move not only broadens Binance’s service portfolio but also shows a growing level of trust and cooperation between global crypto firms and traditional financial regulators. It’s a sign that Binance is working to operate within regulated frameworks while extending its global reach.

Bahrain Strengthens Its Crypto-Friendly Reputation

Bahrain continues to solidify its status as a crypto-friendly jurisdiction in the Middle East. By granting the PSP license to BPay Global, the country reaffirms its commitment to fostering innovation while ensuring regulatory oversight. For Binance, this is another important step toward building a more compliant and secure global financial ecosystem.