- Bpay Global, a subsidiary of Binance’s Bahrain, has been approved by the Bahrain Central Bank.
- The major exchange has fought several regulatory obstacles over the past year.
The crypto market rose when Trump suspended tariff negotiations. Bitcoin has revived the $80,000 mark and is currently trading in the $82,000 range. The Altcoin sector has also shown positive movements over the past 24 hours. Meanwhile, the SEC announced Paul Atkins as the new chairman at the completion of the final vote.
Meanwhile, major crypto exchange vinance has seen positive regulatory advances in Bahrain. According to the latest report, BPAY Global, a subsidiary of the exchange, has received approval from the Bahrain Central Bank (CBB).
The report said the bank has granted it to its BPay Global A Payment Service Provider (PSP) license. This allows Binance’s subsidiaries to operate within the Kingdom of Bahrain and provide fiat services to global Binance users.
Abdulla Haji, CBB Licensing Director, said:
“CBB remains committed to enabling a dynamic, progressive payment environment consistent with global advancements in financial technology.”
Additionally, the director commented on Bahrain’s attitude towards digital assets. He said this is a positive step to strengthening support for the Kingdom’s digital payments ecosystem, particularly the crypto-related sector.
What is Binance’s current regulatory position?
Over the past year, Binance has made positive progress after a period of enormous regulatory hiccups. The company recently regained its business license in India for a long period of time when the ban was banned. This occurred in August 2024 after the exchange agreed to new compliance measures.
Second, another important regulatory obstacle Binance encountered was in Nigeria. Tigran Ganbarian, the CEO of the exchange, was arrested and charged with money laundering allegations. The Nigerian government dropped the charges in October 2024 after long-term negotiations with US officials.
These major challenges with Crypto regulations and recent releases of CZ have led Binance to date. Current CEO Richard Teng discussed in a recent interview how to prioritize compliance above all else.
