Binance receives licence from Abu Dhabi regulator Binance receives licence from Abu Dhabi regulator
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Binance receives licence from Abu Dhabi regulator

Binance receives licence from Abu Dhabi regulator

The permission will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by FSRA

Divsha Bhat
Binance

Binance, the cryptocurrency exchange, has received a financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

The permission will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by FSRA.

Ahmed Jasim Al Zaabi, chairman of ADGM, said, “We congratulate Binance for obtaining a permit to provide financial services, and enabling it to offer its products and services in the Middle East and North Africa region. We look forward to supporting its operations and R&D in the Abu Dhabi Global Market to develop solutions for the Web3.0 economy.”

Richard Teng, regional head of MENA and Europe, commented, “Working with the Abu Dhabi Global Market and the Financial Services Regulatory Authority has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.”

Dominic Longman, senior executive officer at Binance Abu Dhabi, said, “Obtaining this licence is an important step in the growth of Binance in Abu Dhabi, and a reflection of Abu Dhabi’s progressive stance on virtual assets.”

In other news, at the recently held Abu Dhabi Finance Week, Changpeng Zhao, co-founder and CEO of Binance spoke about covering the principles in which Binance, and industry peers should follow to ensure user safety.

He said: “We don’t say competitor internally, we say industry peer. That’s a small part in how we think to grow the industry together.”

Meanwhile, last week, the company announced its plans to acquire FTX.com.

Zhao tweeted that the company would be liquidating its holdings of a token known as FTT, which is issued by FTX.

Read: How Binance and FTX sent shockwaves through the crypto world

However, as the agreement is non-binding, a lot of different things could happen. It could take over FTX, walk away entirely or perhaps acquire portions of it.

It is also unclear whether FTX would continue to exist as a separate entity.

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