Past Approvals For Binance
Following approvals in Bahrain and Dubai, Binance, the world’s largest cryptocurrency exchange by trading volume, has acquired preliminary license to operate in Abu Dhabi.
This is Binance’s third regulatory approval in the Middle East area, following approvals in Bahrain and Dubai.
In principle, the Abu Dhabi Global Market (ADGM) has granted Binance permission to conduct business as a broker-dealer in digital assets, including cryptocurrencies.
This is yet another significant step forward for the cryptocurrency exchange, which aspires to become a fully-licensed company in the near future.
What Is ADGM?
ADGM operates as an international financial free zone inside the United Arab Emirates’ capital, Abu Dhabi, and has traditionally played a significant role in the regulation and supervision of the financial services supplied within the country’s borders. ADGM expressed their support for Binance’s attempts to get regulatory approvals in many jurisdictions across the world, saying:
“The IPA is part of Binance’s plans in establishing itself as a fully-regulated virtual asset service provider in an internationally recognized and well-regulated financial center.”
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.
