Regulated fintech platform in Bahrain enables cryptocurrency payments with Binance Pay
Cryptocurrency adoption continues expanding in the Kingdom of Bahrain, with local companies enabling payments in Cryptocurrency like Bitcoin (BTC).
EazyPay, an online fintech payment platform regulated by the Central Bank of Bahrain (CBB), has collaborated with Binance Pay to enable Cryptocurrency payments in the Bahrain, EazyPay CEO and founder Nayef Tawfiq Al Alawi announced on 21st September.
The newly launched cryptocurrency payment option will be available in more than 5,000 point-of-sale (POS) terminals and online payment gateway platforms across Bahrain, the CEO further said.
Leading local merchants and firms, including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi is, will be able to accept more than 70 digital currencies as payment by scanning the QR code from Eazy is POS using Binance App.
Al Alawi further emphasized that Eazy Financial Services is licensed and regulated by Central bank of Bahrain as the fifth POS and online payment gateway platform acquirer and payment services provider.
“Special thank you goes to the Central Bank of Bahrain, Binance and Eazy Financial Services,” he added. Khalid Hamad Al Hamad, executive director of the banking supervision at the CBB, also congratulated EazyPay on rolling out the new cryptocurrency payment service.
Binance exchange CEO Changpeng Zhao noted that EazyPay is cryptocurrency payment feature would be the “first regulated and approved Cryptocurrency Payments service offering” in the Middle East and North Africa geographical region. As previously reported, Binance Exchange received several regulatory approvals in Kingdom of Bahrain, including a Cryptocurrency service provider license and the Category 4 license.
Kingdom of Bahrain is the third-smallest country in Asia, and has been actively adopting cryptocurrency over the last few years. In 2019, the CBB issued a framework for a range of cryptocurrency-related activities, officially establishing rules for licensing, governance, risk management, Anti-Money Laundering standards, reporting, security and other rules for Cryptocurrency-asset services.
Bahrain has been actively experimenting with Cryptocurrency and Blockchain technology since adopting cryptocurrency regulations. In January 2022, the CBB completed a digital payments trial in partnership with JPMorgan is blockchain and cryptocurrency unit Onyx. CoinMENA, a major local Cryptocurrency Exchange regulated by the CBB, in June announced plans to expand its cryptocurrency trading services into Egypt.
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