Binance has been granted financial service permission in the capital city of the United Arab Emirates (UAE), Abu Dhabi.
The world’s leading cryptocurrency exchange, Binance, has received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital. This license clears Binance to offer cryptocurrency custodial service to professional clients as soon as it meets the requirements for its FSP. The news follows Binance being granted in-principle approval from the ADGM in April 2022. This approval meant that the exchange could operate as a broker-dealer for cryptocurrencies and digital assets. His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM said:
We congratulate Binance on securing the FSPs to offer their products and services in the MENA region. Our robust and transparent virtual asset regulatory framework is the backbone of ADGM’s strategy towards fostering a trusted and well-regulated environment that will pave the way for sustainable innovation within the financial sector and reinforcing the UAE’s status as a rapidly accelerating global crypto marketplace, with Abu Dhabi and the ADGM as the engine room powering this growth. We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.
Richard Teng, the Regional Head of MENA and Europe at Binance said:
Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.
The newly awarded license comes less than two months after Binance obtained a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer virtual asset-related services to qualified retail and institutional investors in Dubai. Binance also recently obtained a Category 4 license to operate as a crypto asset service provider from the Central Bank of Bahrain.
Binance has been expanding its services to many countries are obtained licenses in several other countries. in October, the exchange’s Cypriot subsidiary acquired a cryptocurrency license from the Cyprus Securities and Exchange Commission. Binance also obtained European licenses from regulators in France, Italy, and Spain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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