After receiving approval from the Central Bank of Bahrain to make payments via cryptocurrency, fintech Eazypay has partnered with cryptocurrency exchange Binance. This partnership will allow Eazypay users to be able to pay at over 5,000 businesses via cryptocurrency.
EazyPay embraces crypto with Binance
The Central Bank of the Kingdom of Bahrain has granted Eazypay special authorization to make cryptocurrency payments. This makes EazyPay the fifth payment platform as well as a recognized payment service provider in Bahrain.
Continuing the momentum, fintech Eazypay has signed an agreement with Binance, the world’s largest cryptocurrency exchange. Binance and Eazypay’s partnership will, among other things, allow the fintech’s customers to use cryptocurrency to pay for products at more than 5,000 businesses in Bahrain.
“Bahrain-based EazyPay has partnered with Binance Pay to launch the first regulated and approved crypto payment service offering in the MENA region. Payments with cryptos will be available at over 5,000 POS terminals and online payment gateways in Bahrain,” tweeted CZ, the founder and CEO of Binance.
In addition to making it easier to buy cryptocurrency from 5,000 businesses, Binance will also make it easier for companies like payment merchant EazyPay to quickly convert fiat to crypto.
For Binance, this move by Eazypay could boost innovation and inspire other fintechs in the Middle East to do the same.
As a leader in its field, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and shows the way forward for the payment industry as we move into the Web3 economy.Nadeem Ladki, Business Development Manager at Binance MENA
Bahrain, a little known pro-crypto country
Unknown to many, the Kingdom of Bahrain is the third smallest country in Asia. For the past few years, this country has been implementing a pro-crypto business environment.
In 2019, the country passed a regulatory framework governing the cryptocurrency industry. Among other things, this law established rules on licensing, governance, risk management, anti-money laundering standards, reporting, security of cryptocurrency services. This clear regulatory framework has continued to attract investors in the sector including Binance. The exchange has received several regulatory approvals in Bahrain among them a cryptocurrency service provider license as well as a category 4 license.
The Middle East is in the midst of a growing boom in cryptocurrency adoption. Indeed, the United Arab Emirates is already at the forefront of cryptocurrency adoption and is bringing out partnerships right into the royal family. Saudi Arabia is not lagging behind and is now considering regulating crypto to match its UAE neighbor. Hopefully, the Eazypay-Binance partnership will help Bahrain keep its place in this Middle East crypto race.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.