Crypto World

Binance Bahrain to Integrate eKey 2.0 via Beyon Connect

Published

4 weeks ago

25 March 2026

Binance Bahrain is expanding its onboarding framework by integrating Beyon Connect’s eKey 2.0 national identity solution to verify users during transactions. The announcement describes a collaboration that ties a government-backed digital identity to a leading crypto platform, aiming to improve security and streamline verification while preserving user convenience. By leveraging biometric authentication and 3D facial recognition, the solution seeks to reduce reliance on OTP-based methods and support a secure, compliant customer experience. The move reflects Bahrain’s ongoing digital transformation and its push to enable trusted private-sector access to regulated digital services through national identity infrastructure.

Key points

eKey 2.0 integration will be used for secure digital verification during Binance Bahrain onboarding and transactions.
The platform uses biometric authentication and 3D facial recognition, replacing OTP-based verification and aiming to reduce fraud.
Beyon Connect holds exclusive reseller rights and the eKey 2.0 app is accessible via the Bahrain eGovernment App Store.
The initiative is a national government product ready for wider use by government entities and the private sector.

Why it matters

This partnership links Bahrain’s national identity framework to a major financial service, potentially speeding secure onboarding for Binance Bahrain users and raising the bar for digital verification in regulated services. By relying on government-backed identity data and biometric authentication, the arrangement aims to improve security, reduce fraud risk, and simplify KYC without extensive infrastructure investment. The move aligns with Bahrain’s digital transformation goals and could influence how financial institutions and other sectors adopt national identity tools as part of everyday service delivery.

What to watch

Rollout timeline and progress of the eKey 2.0 integration within Binance Bahrain onboarding.
Real-world uptake by citizens/residents and any changes to the verification flow.
Expansion of eKey 2.0 adoption across financial, telecoms, and government sectors in Bahrain.

Disclosure: The content below is a press release provided by the company or its PR representative. It is published for informational purposes.

Binance Bahrain Partners with Beyon Connect to Integrate eKey 2.0, Enhancing Secure and Seamless User Onboarding

March 25 2026, Bahrain: Binance Bahrain has announced a strategic partnership with Beyon Connect, enabling the integration of the Kingdom of Bahrain’s eKey 2.0 National Identity solution into the Binance Bahrain to enable secure digital verification of users when conducting transactions with Binance Bahrain . The collaboration marks a significant step in enhancing secure, seamless, and user-friendly digital verification for residents and nationals of Bahrain.

Through this partnership, Binance Bahrain is leveraging Beyon Connect’s exclusive reseller rights as an authorised reseller of the eKey 2.0 system, and the enhanced eKey application available through the eGovernment App Store (bahrain.bh/apps), operated by the Information and eGovernment Authority (iGA), to access reliable, verified government-backed user information required for Know Your Customer (KYC) processes. The integration allows eligible users to log in to Binance Bahrain’s services using eKey 2.0, enabling easy digital verification while maintaining the highest standards of security and compliance.

The enhanced eKey 2.0 National Identity solution is a cornerstone of Kingdom of Bahrain’s digital transformation journey and is a national government product ready for wider use by various government entities and the private sector. The solution supports reducing costs for current and future entities by enabling identity-matching mechanisms with high levels of information security, data protection, and user experience, without the need for investment in technologies or infrastructure. Powered by biometric-based authentication and 3D facial recognition (facial recognition), the platform replaces traditional OTP-based systems, significantly reducing fraud risks while enhancing convenience and overall user experience.

Trarik Erik, MENAT Lead, Binance,, commented: “We are proud to partner with Beyon Connect to integrate eKey 2.0 into Binance Bahrain’s onboarding journey. This collaboration reflects our commitment to supporting Bahrain’s innovation-driven digital vision, while delivering a seamless, secure, and efficient experience for users. By leveraging trusted national digital identity infrastructure, we are enabling citizens and residents to access regulated digital services with confidence.”

Beyon Connect CEO Chris Hild stated: “Trust and security are the foundations of financial services. Through eKey 2.0 we are enabling financial institutions to meet regulatory requirements with confidence, protect customers, and deliver faster and smarter services. This step represents an important advancement toward building a sophisticated and future-ready financial ecosystem in the Kingdom of Bahrain.”

The service is available to all citizens and residents of the Kingdom of Bahrain, accelerating registration processes and reducing barriers, while ensuring compliance with local regulatory and security requirements.The eKey 2.0 platform plays a vital role in empowering individuals and institutions by simplifying access to digital services, strengthening national security, and fostering private-sector innovation Its growing adoption across the financial, telecommunications, and government sectors reflects Bahrain’s ambition to establish its position at the forefront of the global digital economy.

About Beyon Connect

Beyon Connect, a subsidiary of the Beyon Group, is a leading provider of digital trust solutions and the developer of eKey 2.0 — Bahrain’s official platform for digital identity, secure authentication, and consent-based KYC.For more information visit: https://beyonconnect.com/

About Binance Bahrain

Binance Bahrain is part of Binance, a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 260 million people in over 100 countries for its industry-leading security, transparency, and comprehensive suite of digital asset products and services. Binance is committed to supporting responsible innovation and building an inclusive crypto ecosystem that increases financial access and freedom.

For more information, visit: https://www.binance.bh

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Crypto World

LayerZero Says Kelp Setup Caused Exploit, as Aave Loss Questions Mount

Published

1 minute ago

20 April 2026

NewsAdmin

LayerZero Says Kelp Setup Caused Exploit, as Aave Loss Questions Mount

Interoperability protocol LayerZero claims that an inadequate setup tied to Kelp’s decentralized verifier network (DVN) enabled malicious actors to steal $290 million from Kelp DAO, adding that preliminary signs point to North Korea-linked threat actors.

An attacker drained about 116,500 Restaked ETH (rsETH), worth as much as $293 million at the time, from Kelp DAO’s LayerZero-powered rsETH bridge on Saturday.

LayerZero said Monday that the exploit stemmed from a single point of failure in Kelp’s setup, which relied on a single LayerZero DVN as the only verified path, despite LayerZero previously advising them against this.

“LayerZero and other external parties previously communicated best practices around DVN diversification to KelpDAO. Despite these recommendations, KelpDAO chose to utilize a 1/1 DVN configuration.”

In practice, that meant Kelp relied on a single verification path for cross-chain messages rather than requiring multiple independent checks.

The exploit quickly shifted attention from the technical cause to the question of who should absorb the losses, while the fallout spread into Aave, where the attacker used rsETH as collateral to borrow real liquidity.

Aave’s total value locked (TVL) had fallen by about $8.9 billion to $17.5 billion at the time of writing after the exploiter used the stolen funds to borrow on Aave, leaving about $195 million in “bad debt,” triggering withdrawals on the lending protocol.

LayerZero said Kelp’s rsETH bridge relied solely on the LayerZero Labs DVN, and argued that the incident reflected an unsafe application configuration rather than a compromise of LayerZero itself. The company said it is now urging all applications using 1/1 DVN setups to migrate to multi-DVN configurations and will stop signing or attesting messages for apps that retain the single verifier design.

Losses spark blame fight after $290 million Kelp exploit

With no recovery or compensation plan yet announced, users and market observers spent Monday debating whether losses should sit with Kelp DAO, LayerZero, Aave or rsETH holders themselves.

Yishi Wang, founder and CEO of open-source hardware wallet OneKey, said that the best path forward was to negotiate with the hacker, offer a 10% to 15% bounty, and get the bulk of the funds back.

“If negotiations fail, LayerZero’s ecosystem fund should foot the bulk of the bill—it’s got the deepest pockets and the most long-term skin in the game,” wrote the founder in a Monday X post, adding that Kelp DAO is “broke” and could make it up with tokens and future revenue, or consider selling the project.

Analytics platform DeFiLlama’s pseudonymous founder, 0xngmi, outlined three solutions, including the option to “socialize” losses among all users, “rug rsETH holders on L2s,” or try to return holder balances to a pre-hack snapshot, which would be “very hard to do,” he wrote in a Monday X post.

Cointelegraph reached out to Aave for comment, but had not received a response by publication.

Exploit raises Aave liquidation risks

Investor concerns about the Kelp exploit have significantly reduced Ether (ETH) liquidity on Aave, the lending protocol’s core collateral asset.

This low liquidity presents a “critical safety risk where liquidations of ETH collateral cannot take place while markets are at 100% utilization,” said MoneySupply, the pseudonymous head of strategy at Aave competitor lending protocol Spark, in a Saturday X post.

“With current illiquidity conditions on Aave, a 15-20% ETHUSD price drop could cause significant bad debt accumulation (on top of any potential issues attributable to the direct rsETH exploit),” he said.