Binance Subsidiary BPay Global Receives License From Bahrain’s Central Bank

• Binance’s Bahrain subsidiary BPay Global has received approval from the Central bank of Bahrain.
• The leading exchange has been combating several regulatory obstacles over the past year.

As Trump put a pause on the Tariff negotiations, the crypto market rallied upwards. Bitcoin has reclaimed its $80K mark and is currently trading in the $82K range. The altcoin sector has also shown positive movements in the last 24 hours. Meanwhile, the SEC, on completion of its final voting, has announced Paul Atkins as its new Chair.

On the other hand, leading crypto exchange Binance has seen positive regulatory advancements in Bahrain. According to the latest reports, the exchange’s subsidiary BPay Global received approval from the Central Bank of Bahrain (CBB).

The report stated that the bank has granted Bpay Global a Payment Service Provider (PSP) license. This allows the Binance subsidiary to operate within the Kingdom of Bahrain and provide fiat services for Binance users globally.

Mr. Abdulla Haji, Director of Licensing Directorate at CBB, stated:

“The CBB remains committed to enabling a dynamic and progressive payment landscape that aligns with global advancements in financial technology.”

Moreover, the director also commented on Bahrain’s stance on digital assets. He said that this was a positive step for enhancing the Kingdom’s digital payments ecosystem, especially its support for the crypto-related sector.

What is Binance’s Current Regulatory Position?

Over the past year, Binance has seen positive advancements after a period of huge regulatory hiccups. The firm recently regained its operating license in India after its prolonged ban. This occurred in August 2024 after the exchange agreed to new compliance measures.

Secondly, another crucial regulatory impediment that Binance encountered was with Nigeria. A chief executive of the exchange, Tigran Gambaryan was arrested and was charged with allegations of money laundering. The Nigerian government dropped the charges in October 2024, after prolonged negotiations with US officials.

With such major challenges with crypto regulations and CZ’s recent release, Binance is now moving forward. Its current CEO, Richard Teng, discussed how they prioritize compliance as foremost in a recent interview.