Binance received approval to provide financial services in Abu Dhabi

The crypto exchange will be able to offer its digital asset services in the MENA region

11.04.2022 - 12:10

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What’s new? The Binance crypto exchange has received in-principle approval (IPA) from the Abu Dhabi Global Market (ADGM) Authority to operate as a broker-dealer in digital assets. The ADGM said in a statement. Binance’s approval to provide financial services in Abu Dhabi is part of plans to approve the exchange as a fully-regulated cryptocurrency provider.

The ADGM’s statement

What do they say about this in ADGM? The CEO of the Abu Dhabi Global Market Registration Authority, Dhaher Bin Dhaher stated that the ADGM is the largest regulated jurisdiction of virtual assets in the Middle East and North Africa (MENA) region. Dhaher noted that the cooperation with Binance will be a plus for its dynamic and robust ecosystem of virtual asset trading venues, global exchanges, and service providers.

What are ADGM’s plans? The Abu Dhabi Global Market will continue to actively expand its business offerings and open up new investment opportunities in the United Arab Emirates (UAE).

What is known about ADGM? It is an international financial free zone within the UAE capital. ADGM adopted a comprehensive regulatory framework for cryptocurrencies in 2018.

Previously, the Binance cryptocurrency exchange was granted licenses to operate in Dubai and Bahrain. The licenses obtained allow Binance to provide the following types of services to its clients in the region: custody, trading, and asset management.

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