Binance receives in-principle approval to operate in Abu Dhabi
Binance, the world’s biggest crypto exchange in terms of trading volume, received in-principle approval to operate in Abu Dhabi, marking its third regulatory approval in the Middle Eastern region after Bahrain and Dubai.
The in-principle approval from the Abu Dhabi Global Market (ADGM) allows Binance to operate as a broker-dealer in digital assets including cryptocurrencies — marking yet another milestone for the crypto exchange, which envisions to operate as a fully-licensed firm.
@binance, one of the world's leading #blockchain and #cryptocurrency platforms, received an IPA from the #ADGM Financial Services Regulator Authority. pic.twitter.com/jhHenzaahE
ADGM serves as an international financial free zone within the capital of the United Arab Emirates, which historically has played an important role in regulatory and supervisory oversight of the financial services provided within its jurisdiction. Reciprocating Binance’s efforts to score regulatory licenses across the globe, ADGM stated:
The ADGM also shared its intent to provide similar regulatory approvals for local as well as global crypto companies to further position Abu Dhabi as the “fast-growing virtual assets hub and digital economy.”
Dhaher bin Dhaher, CEO of ADGM, too, welcomed the move by promising to aid Binance’s efforts to establish their presence in Abu Dhabi.
Apart from Binance, prominent crypto exchange FTX has previously been awarded operational licenses in Dubai, the second biggest city in the UAE after Abu Dhabi.
Related: Abu Dhabi rolls out draft recommendations for NFT trading
On Mar. 22, ADGM published a consultation paper, which proposed that ADGM-licensed companies will be allowed to facilitate NFT trading in the jurisdiction.
As Cointelegraph
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