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Abu Dhabi Global Market Grants In-Principle Approval for Binance

Abu Dhabi Global Market Grants In-Principle Approval for Binance

Sunday, 10 April, 2022 - 10:00
A representation of the cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration

Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, 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), to operate as a broker-dealer in virtual assets, state news agency WAM reported.

ADGM, the International Financial Centre in the capital of the UAE, introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018, and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international organizations.

Chief Executive Officer of the ADGM Registration Authority Dhaher bin Dhaher Al Mheiri said he was pleased that Binance has been awarded an In-Principle Approval in the ADGM.

"We are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi," said Al Mheiri, adding that ADGM is the largest regulated jurisdiction of virtual assets in Middle East And Africa (MENA) region.

"Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.":

For his part, Binance's Regional Head of MENA Richard Teng said: "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."

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

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