Cryptocurrency exchange Binance is strengthening its foothold in UAE as it obtains approvals from multiple regions and jurisdictions, including Dubai and Bahrain. The world’s largest exchange has now received approval to set up operations in UAE Capital Abu Dhabi.
As the largest regulated jurisdiction of virtual assets in #MENARegion, ADGM looks forward to adding more local and global players like #Binance to its fast-growing virtual assets hub and #digitaleconomy.
Learn more about Binance in ADGM here: https://t.co/ezdFF0DeQ1
— Abu Dhabi Global Market (@ADGlobalMarket) April 10, 2022
Binance will operate as a broker-dealer in virtual assets in the region, according to the permit approved by the Abu Dhabi Global Market (ADGM), an international financial center and free zone with jurisdiction over the regulation of cryptocurrency transactions.
Binance has now received In-Principle Approval (IPA) from ADGM’s Financial Services Regulator (FSRA), a step forward in establishing itself as a regulated Virtual Asset Service Provider (VASP) in Abu Dhabi.
Per the official announcement, the exchange will be able to provide services related to cryptocurrencies to customers throughout the Middle East and North Africa (MENA) region via its subsidiary Binance (AD) Limited. Richard Teng, Regional Head of the Middle East and North Africa (MENA) in Binance, commented:
“Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem. ADGM is the pioneer in introducing robust virtual asset regulatory frameworks to support the growth of the global blockchain ecosystem.”
In March, Binance received its first gulf license as a crypto-asset provider from the Kingdom of Bahrain. Soon after, it announced that it has obtained a license from Dubai’s newly founded crypto regulator VARA, along with rival exchange FTX.