Binance has been granted financial services permission in Abu Dhabi, the capital of the United Arab Emirates (UAE).
Binance, the world’s largest cryptocurrency exchange, has been granted Financial Services Permission (FSP), by the Financial Services Regulatory Authority of Abu Dhabi Global Market, (ADGM), the international financial center of the UAE capital. Binance is now authorized to provide cryptocurrency custodial services to professional clients once it has met the requirements for its FSP. This news comes after Binance was granted in-principle approval by the ADGM in April 2022. This approval allowed the exchange to operate as a broker-dealer in cryptocurrencies and digital assets. His Excellency Ahmed Jasim Al Zaabi Chairman of ADGM stated:

We congratulate Binance for securing FSPs to sell their products and services within the MENA region. Our transparent and robust virtual asset regulatory framework is the foundation of ADGM’s strategy to foster trust and well-regulated environments that will allow for sustainable innovation in the financial sector. This will also strengthen the UAE’s position as a rapidly growing global crypto marketplace. Abu Dhabi and the ADGM are the engines driving this growth. We look forward supporting Binance’s operations as well as R&D in ADGM, to help develop solutions for the Web3.0 economy.

Richard Teng, Regional Head of MENA & Europe at Binance stated:

It was a collaborative process with the ADGM/FSRA that has highlighted the importance of cooperation between the private sector and the public sector.

Binance received a Minimal Viable Product license (MVP) less than two months ago from Dubai’s Virtual Asset Regulatory Authority. This license allows Binance to offer virtual asset-related service to qualified institutional and retail investors in Dubai. Binance was also granted a Category 4 license by the Central Bank of Bahrain to operate as a crypto-asset service provider.
Binance has been expanding its services in many countries and has obtained licenses to operate in several more. The Cyprus Securities and Exchange Commission granted a cryptocurrency license to the exchange’s Cypriot subsidiary in October. Binance also received European licenses from regulators of France, Italy, Spain.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

  

Binance has been granted financial services permission in Abu Dhabi, the capital of the United Arab Emirates (UAE). Binance, the world’s largest cryptocurrency exchange, has been granted Financial Services Permission (FSP), by the Financial Services Regulatory Authority of Abu Dhabi Global Market, (ADGM), the capital of the UAE. Binance is now authorized to provide cryptocurrency custodial services to professional clients once it has met the requirements for its FSP. This news comes after Binance was granted in-principle approval by the ADGM in April 2022. This approval allowed the exchange to operate as a broker-dealer in cryptocurrencies and digital assets. His Excellency Ahmed Jasim Al Zaabi Chairman of ADGM stated:
We congratulate Binance for securing FSPs to sell their products and services within the MENA region. Our transparent and robust virtual asset regulatory framework is the foundation of ADGM’s strategy to foster trust and well-regulated environments that will allow for sustainable innovation in the financial sector. This will also strengthen the UAE’s position as a rapidly growing global crypto marketplace. Abu Dhabi and the ADGM are the engines driving this growth. We look forward supporting Binance’s operations as well as R&D in ADGM, to help develop solutions for the Web3.0 economy.
Richard Teng, Regional Head of MENA & Europe at Binance stated:
It was a collaborative process with the ADGM/FSRA that has highlighted the importance of cooperation between the private sector and the public sector.
Binance received a Minimal Viable Product license (MVP) from Dubai’s Virtual Asset Regulatory Authority to allow them to provide virtual asset-related services for qualified institutional and retail investors in Dubai. This new license was issued less than two months ago. Binance recently received a Category 4 license from the Central Bank of Bahrain to operate as a crypto-asset service provider. In October, Binance’s Cypriot subsidiary received a cryptocurrency license through the Cyprus Securities and Exchange Commission. Binance also received European licenses from regulators of France, Italy, Spain. This article is not intended to be used for legal, tax, investment or financial advice.