HomeTechnology & InnovationAbu Dhabi regulator approves Binance license
By Economy Middle East
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November 16, 2022 4:21 pm

Abu Dhabi regulator approves Binance license

To provide financial services
Binance
Binance secures Abu Dhabi regulator's approval for crypto custody services

Global blockchain services provider Binance has announced today that it has received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital emirate.

In line with Binance’s expansion efforts in the Middle East, the FSP will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by FSRA.

“We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy,” Ahmed Jasim Al Zaabi, Chairman of ADGM, said.

ADGM’s FSRA introduced the world’s first-of-its-kind comprehensive and bespoke Virtual Asset regulatory framework in 2018 to provide inclusive and robust regulations and provisions for organizations.

Read more: Binance might buy a bank to get crypto closer to traditional finance

In April, Binance received its In-Principle Approval (IPA) from the ADGM regulator to operate as a broker-dealer in virtual assets.

In March, it secured a virtual asset license to operate in Dubai after the emirate outlined clear regulations to govern emerging technology sectors such as cryptocurrency in an effort to safeguard investors.

The company also won regulatory approval from the Central Bank of Bahrain in March to operate as a crypto asset service provider in the Kingdom.

In September, it won approval to join the minimal viable product (MVP) program from Dubai’s Virtual Asset Regulatory Authority (Vara).

This allows Binance to offer a range of Vara-approved virtual assets-related services to qualified retail and institutional investors in Dubai within Vara’s regulatory framework for providers.