Binance has launched BPay Global, a payment services company under the Binance Group, operating as a licensed and regulated Payment Services Provider (PSP) by the Central Bank of Bahrain. The service allows users in more than 70 countries, including the UAE and Saudi Arabia, to make direct deposits and withdrawals in US dollars through multiple channels such as SWIFT transfers (with zero deposit fees from Binance), credit and debit cards, as well as Apple Pay and Google Pay.
Through BPay Global, users can open a fiat e-wallet, securely store their funds with a regulated entity, and easily convert US dollars to cryptocurrencies and vice versa on the Binance platform. This initiative reflects Binance’s strategy of bridging traditional finance with the digital economy, reducing transaction costs, and enhancing the overall user experience.
Notably, BPay Global is the first Binance subsidiary to obtain a PSP license from the Central Bank of Bahrain, a step that strengthens Bahrain’s role as a regional hub for financial innovation and underscores Binance’s commitment to working with official regulatory frameworks. National Bank of Bahrain (NBB) has been chosen as the banking partner to support BPay Global’s financial operations, ensuring greater efficiency and security in transactions.
It is worth noting that the service is available across a wide range of countries, including the United Arab Emirates and the Kingdom of Saudi Arabia, offering users in the region the ability to conduct US dollar deposits and withdrawals with ease and security. The main exceptions are countries under sanctions and the European Economic Area.
