Binance Licensed In Abu Dhabi

Snorlax

Nov 18, 2022•2 min read

A Financial Services Permission (FSP) has been granted to Binance by the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), the international financial hub of the capital emirate of the United Arab Emirates. Binance is the leading provider of blockchain services worldwide.

Given that they satisfy the FSRA requirements, Binance will be able to offer custody to professional clients thanks to the FSP's approval. As a result, the achievement broadens the brand's perspectives and business evaluation as it tries to capitalize on the interest in cryptocurrencies in the area.

"We applaud Binance on getting the FSPs to provide their goods and services in the MENA area," stated Ahmed Jasim Al Zaabi, chairman of ADGM. The foundation of ADGM's approach to building a trustworthy and well-regulated environment is our rigorous and open regulatory framework for virtual assets. "We're excited to help Binance with its operations and R&D in ADGM as they create solutions for the Web 3.0 economy."

"Obtaining this license is a critical milestone in Binance's expansion in Abu Dhabi and a reflection of the city's progressive position on virtual assets," said Dominic Longman, Senior Executive Officer of Binance (AD). We are delighted to continue strengthening our symbiotic connection with ADGM and the city of Abu Dhabi, and we look forward to providing institutional investors with a secure and trusted platform for their virtual asset operations. "This is only the beginning for Binance Abu Dhabi, and we expect that as our team grows and improves, so will the local blockchain scene."

Binance had previously received an "in principle" decision, which is the first stage of the full authorization process in which the applicant must satisfy ADGM on one or more requirements. The initial license allowed the crypto giant to operate as a digital asset broker-dealer.

Binance will be allowed to offer its services to consumers beyond the GCC region, as well as in the currently serviced GCC region after it has completed all IPA criteria and received its Financial Services Permission (FSP). In addition to serving a wider spectrum of consumers, the FSP from the ADGM FSRA will allow Binance to offer a bigger number of virtual asset pairings as long as they match the FSRA's Accepted Virtual Assets standards.

Abu Dhabi has one of the most sophisticated regulatory frameworks for digital assets, which provides entrepreneurs and their customers with clarity. In terms of the Middle East's fintech landscape, the UAE, in particular, is already demonstrating strong signs of support for fintech, as well as some early success stories.

Abu Dhabi has one of the most sophisticated regulatory frameworks for digital assets, allowing entrepreneurs and their customers to make informed decisions. In terms of the Middle East's fintech landscape, the UAE, in particular, has already demonstrated strong support for fintech, as well as some early success stories.

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