Crypto is leading its way in Abu Dhabi! Binance Holdings receives an in-principle approval (IPA) from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in virtual assets. Binance CEO Changpeng Zhao (CZ) acknowledges the approval by tweeting:
This means that the world’s largest cryptocurrency exchange by trading volume will be able to offer its virtual asset services to customers across the Middle East and North Africa (MENA) region through its subsidiary Binance (AD) Limited.
However, this is a preliminary nod of approval. Binance still needs to complete the ADGM Financial Services Regulatory Authority (FSRA) application process to receive the full license to offer services across the MENA region.
Dhaher bin Dhaher, Chief Executive Officer, ADGM, welcomed the move saying, “ADGM is the largest regulated jurisdiction of virtual assets in the Mena region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers.”
ADGM is an international financial center and free zone and is the world’s leading jurisdiction to initiate the regulation of virtual asset activities.
Richard Teng, Binance, Regional Head of MENA, said, “Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”
It is clear that the central exchange is expanding its wings to the Middle Eastern region with its first Gulf License by Bahrain’s Central Bank to provide crypto-asset trading, custodial services, and portfolio management to consumers.
Following it up with its Virtual Asset (VA) License from Dubai’s Virtual Asset Regulatory Authority (VARA) to extend limited exchange products and services to pre-qualified investors and professional financial service providers.
