Regulated fintech in Bahrain enables crypto payments with Binance

Regulated fintech in Bahrain enables crypto payments with Binance

September 22, 2022

Cryptocurrency adoption continues growing in the Kingdom of Bahrain, with local companies enabling payments in crypto like Bitcoin (BTC).

EazyPay, an online payment platform regulated by the Central Bank of Bahrain (CBB), has partnered with Binance Pay to enable crypto payments in the country, EazyPay CEO and founder Nayef Tawfiq Al Alawi announced on Wednesday.

The newly launched crypto payment option will be available in more than 5,000 point-of-sale (POS) terminals and online payment gateway across Bahrain, the CEO said.

Major local merchants and firms, including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s, will be able to accept more than 70 cryptocurrencies as payment by scanning the QR code from Eazy’s POS using Binance App.

Al Alawi emphasized that ‎‏Eazy Financial Services is licensed and regulated by Bahrain’s central bank as the fifth POS and online payment gateway acquirer and payment services provider.

“Special thanks go to the Central Bank of Bahrain, Binance and Eazy Financial Services,” he noted. Khalid Hamad Al Hamad, executive director of the banking supervision at the CBB, also congratulated Eazy on rolling out the new crypto payment service.

Binance CEO Changpeng Zhao noted that EazyPay’s crypto payment feature would be the “first regulated and approved crypto payments service offering” in the Middle East and North Africa region. As previously reported, Binance received several regulatory approvals in Bahrain, including a crypto service provider license and the Category 4 license.

The third-smallest country in Asia, Bahrain, has been actively adopting cryptocurrency over the past few years. In 2019, the CBB issued a framework for a range of crypto-related activities, officially establishing rules for licensing, governance, risk management, Anti-Money Laundering standards, reporting, security and other rules for crypto-asset services.

Related: OpenNode sets up BTC payment infrastructure in Bank of Bahrain regulatory sandbox

Bahrain has been actively experimenting with crypto and blockchain technology since adopting crypto regulations. In January 2022, The CBB completed a digital payments trial in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx. CoinMENA, a major local crypto exchange regulated by the CBB, in June announced plans to expand its crypto trading services into Egypt.

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