Binance receives in-principle approval from Abu Dhabi Global Market
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Binance receives in-principle approval from Abu Dhabi Global Market

Binance receives in-principle approval from Abu Dhabi Global Market

Upon completion of the application, Binance will be able to offer services regarding virtual asset offerings to customers across the MENA region

Blockchain and cryptocurrency infrastructure provider Binance has received its in-principle Approval (IPA) for a financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The approval is to operate as a broker-dealer in virtual assets. ADGM introduced a comprehensive virtual asset regulatory framework in 2018, and has since established itself as a hub and business platform for virtual asset activities for local, regional and international organisations, official news agency WAM reported.

Upon the successful completion of its ADGM FSRA application, Binance will be able to offer services regarding virtual asset offerings to customers across the MENA region, through its subsidiary Binance (AD) Limited.

Dhaher bin Dhaher Al Mheiri, chief executive officer of the ADGM Registration Authority, said, “We are pleased that Binance has been awarded an in-principle approval in the ADGM, and we are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE. ADGM is the largest regulated jurisdiction of virtual assets in Middle East And Africa (MENA) region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

Richard Teng, Binance’s regional head of MENA, commented, “We are grateful for ADGM’s support during our application process, and look forward to working closely with them and other key Abu Dhabi stakeholders for broader deployment of our world-class offerings and services across the whole MENA region and beyond.”

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