Bahrain greenlights eazyPay to launch Binance Pay

abdelaziz Fathi

The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.

Takeprofit Tech

EazyPay is a leading Bahraini fintech specialized in point-of- sale (POS) and online payment gateway acquiring services. The firm holds Visa’s Acquiring principal membership licenses, which allows its services to accept Visa digital payment solutions via 5000+ POS terminals across the Kingdom of Bahrain.

The alliance with Binance allows customers to use bitcoin as payment, which can be prompted via a QR code from EazyPay’s terminal. The codes are then scanned with the Binance App, allowing almost instant payments with the chosen currency.

Settlements will be facilitated by Binance, and the crypto-to-crypto gateway will support various crypto assets such as BNB, Bitcoin and Ethereum. With this development, EazyPay has joined the ranks of JA Resorts and Hotels and Majid Al Futtaim which were the first companies in the UAE to have integrated Binance Pay in their systems.

“As a leader in its space, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to the payment industry as we transition into the Web3 economy,” said Nadeem Ladki, Head of Business Development at Binance MENA.

In a statement posted on LinkedIn, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy said: “Very honored & proud historic moment, EazyPay Launches Crypto Payments via Binance Pay – region’s first regulated & approved payment service provider to accept & enable crypto payments. Now you can pay in stores with any preferred cryptocurrency using Binance App. Simply scan the QR from EazyPay POS and Go.”

The news comes after the Central Bank of Bahrain has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

The crypto-asset license allows Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators. Binance Bahrain is the first exchange to be granted a category 4 license by the CBB.

Earlier this month, Bitcoin payment processor and cryptocurrency infrastructure provider OpenNode announced that it will test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain’s regulatory sandbox.

OpenNode is working on a series of projects including a digital wallet, along with extensions of that wallet with an account linked debit card, as well as the ability to settle in a range of global currencies.

Read this next

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

<