The Abu Dhabi Global Market recently provided the in-principle approval that allows Binance to provide cryptocurrency-related services and operate as a broker-dealer in digital assets.
This is the third regulatory approval for the largest crypto exchange in the world in the Middle Eastern region, after Bahrain and Dubai.
Binance to Operate as a Fully-Licensed Firm
The in-principle approval from the Abu Dhabi Global Market means that Binance saw another milestone for the crypto exchanges and can now operate as a fully-licensed organization and offer cryptocurrency-related services as well.
ADGM has played a key role in regulatory and supervisory oversight of the financial services in this region and jurisdiction. ADGM noted that the IPA is part of Binance’s vision to establish itself as a fully-regulated digital asset service platform in a globally recognized and regulated financial center.
Additionally, the CEO of ADGM, Dhaher bin Dhaher, also expressed a positive attitude, welcoming Binance’s efforts to start its operations in Abu Dhabi.
However, Binance is not the first and only exchange that received operational licenses in the region. Besides Binance, FTX has been awarded a license in Dubai, the second-largest city in the UAE after Abu Dhabi.