Bahrain Enables Crypto Payments and Coinbase Obtains Regulatory Approval in the Netherlands
Bahraini financial institution partners with Binance to offer crypto payments in stores
The Kingdom of Bahrain is an archipelago of islands in the Persian Gulf. Its economy has historically relied on processing oil from neighboring countries. Eazy Financial Services, a Bahraini financial institution, entered a partnership with Binance to bring a regulated and approved crypto payment service. The partnership was announced by Binance CEO Changpen Zhao, aka CZ.
Founder and CEO of Eazy, Nayef Tawfiq Al Alawi, announced that consumers now have the option of paying in stores with their preferred cryptocurrency via Binance App. EasyPay specializes in Point-of-Sale (PoS) and online payment gateway services. Binance Pay will be made available through EazyPay systems across over 5,000 already established PoS terminals and online payment gateways in Bahrain. In stores, the PoS terminals will generate a QR code to scan using their Binance App to pay for purchases.
Bahrain-based EazyPay has partnered with #Binance Pay to launch the first regulated & approved crypto payments service offering in MENA.
— CZ 🔶 Binance (@cz_binance) September 22, 2022
Crypto payments will be available across 5000+ Point-of-Sale Terminals & Online Payment gateways in Bahrain.https://t.co/Mfn1cpcqoF
Coinbase receives regulatory approval in the Netherlands
Coinbase became the first major crypto exchange to successfully obtain regulatory approval in the Netherlands. The exchange is registered as a crypto service provider with the Dutch Central Bank (De Nederlandsche Bank or DNB). This allows Coinbase to operate and offer its crypto services and products in the Netherlands.
Coinbase announced this milestone in their international expansion on their blog. They also stated that “additional registrations or license applications are in progress in several major markets, in compliance with local regulations.” Coinbase is now supported in 40 countries across Europe, 17 countries in Asia, 25 countries in Africa and the Middle East, and 24 countries in North and South America.
The Dutch Central Bank announced earlier this year on May 6 that all crypto companies were required to register with the authority by May 18. In a crackdown on money laundering, this DNB this amendment was added to require companies that provide crypto custody services and/or services to exchange fiat and crypto to register or cease operations.
