Regulated fintech in Bahrain enables crypto payments with Binance

Cryptocurrency adoption continues to grow in the Kingdom of Bahrain, with local companies enabling payments in cryptocurrencies such as 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 POS terminals and online payment gateways 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 the Binance App.

Al Alawi emphasized that Eazy Financial Services is licensed and regulated by the Central Bank of Bahrain as the fifth POS and online payment gateway acquirer and payment service provider.

“Special thanks go to the Central Bank of Bahrain, Binance and Eazy Financial Services,” he noted. Khalid Hamad Al Hamad, Executive Director of Banking Supervision at CBB, also congratulated Eazy on the rollout of the new crypto payment service.

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

The third smallest country in Asia, Bahrain, has actively adopted cryptocurrency in recent years. In 2019, the CBB issued a framework for a number of crypto-related activities, which officially established 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 the Bank of Bahrain’s regulatory sandbox

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