Binance receives In-Principle Approval from Abu Dhabi Global Market
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has approved Binance’s In-Principle Approval (IPA) for the Financial Services Permit (FSP) to operate as a broker-dealer in virtual assets. ADGM, the International Financial Centre in Abu Dhabi, introduced the first global virtual asset regulatory framework in 2018. It has since established itself as a global hub and business platform for local, regional and international organizations involved in virtual asset activities.
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 the 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.”
In collaboration with ADGM and other key Abu Dhabi stakeholders, Binance will expand their offerings and services throughout the whole of the MENA region as well as elsewhere in the world. Upon the successful completion of its ADGM FSRA application, Binance will then be able to offer its services regarding virtual asset offerings to customers across the MENA region, through its subsidiary Binance (AD) Limited.