Binance has announced a partnership with Singapore Gulf Bank (SGB) through its Bahrain entity to provide direct USD transfers for retail users. The new feature enables customers to link SGB accounts with Binance Bahrain accounts, allowing instant deposits and withdrawals in USD. Users can also convert fiat currencies into cryptocurrencies within a fully compliant and regulated framework.
Previously, bank-grade on- and off-ramp services were mainly reserved for corporates and high-net-worth individuals. This collaboration now extends the same convenience to retail users, ensuring instant transactions and a seamless onboarding process. Once an SGB account is linked, customers can begin transferring funds in seconds, reducing reliance on multiple intermediaries.
This initiative aligns with the Central Bank of Bahrain’s vision to foster innovation within its financial sector. By simplifying fiat-to-crypto conversion, the partnership highlights Bahrain’s strategy to position itself as a key FinTech hub in the Gulf region under its Economic Vision 2030 framework.
Tameem AlMoosawi, the General Manager of Binance Bahrain, added that the cooperation aligns with the Kingdom’s aspirations to grow financial technology. Through cooperation with a regulated body like SGB, Binance allows users to switch from banking services to crypto services with ease and with better security.
SGB CEO Shawn Chan indicated that digital assets are redefining finance in the Gulf Cooperation Council (GCC). By launching the retail-focused “SGB Link”, direct bank-to-exchange networks with transparent prices and minimal friction become available to retail consumers. By doing so, Binance and SGB are setting the bar high in the region for fiat–crypto connectivity.
The move also solidifies Bahrain’s growing status as the pacesetter in embracing visionary financial regulations, further encouraging the world’s exchanges and institutions to try novel kinds of digital banking and trades in the Kingdom.
Besides the banking collaboration, Binance also listed Ethena Labs’ synthetic dollar, USDe, on its platform. As the most-used crypto marketplace with more than 280 million users and over $190 billion in assets, Binance expands USDe with immediate global accessibility.
USDe will be available as collateral in futures and perpetual trading, constructed in-house within the Binance Earn, and paired with spot trading markets. USDe holders on the Binance chain will be rewarded in the last week of September, with distributions happening on a weekly basis.
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