Regulated Fintech in Bahrain Enables Crypto Payments with Binance

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Cryptocurrency adoption continues to grow in the Kingdom of Bahrain, with local businesses facilitating payments in crypto 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 point-of-sale (POS) terminals and online payment gateway across Bahrain, the CEO said.

Major local merchants and businesses including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s can accept over 70 cryptocurrencies as payment by scanning the QR code of Eazy’s POS using the Binance app.

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Al Alawi stressed that ‎‏Eazy Financial Services is licensed and regulated by Bahrain’s central bank as the fifth acquirer and payment service provider for POS and online payment gateways.

“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 the CBB, also congratulated Eazy on the rollout of the new crypto payment service.

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Binance CEO Changpeng Zhao noted that EazyPay’s crypto payment feature would be the “first regulated and approved crypto payment offering” in the Middle East and North Africa. As previously reported, Binance has 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 in recent years. In 2019, the CBB released 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.

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Related: OpenNode Sets Up BTC Payment Infrastructure in Bank of Bahrain Regulatory Sandbox

Bahrain is actively experimenting with crypto and blockchain technology since the adoption of crypto regulations. In January 2022, The CBB completed a digital payments 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.