Binance, a cryptocurrency exchange, has been granted permission by Abu Dhabi’s Global Market and Financial Services Regulatory Authority to operate in the region. Official announcements from the United Arab Emirates capital’s finance center confirmed that Binance will be allowed to offer cryptocurrency custodial service to professional clients once it has fulfilled the requirements for its Financial Services Permission.

  

The Financial Services Regulatory Authority (FSRA) and Abu Dhabi’s Global Market(ADGM), have granted Binance permission to operate within the region.

Official announcements from the United Arab Emirates capital’s finance center confirm that Binance will be able to offer cryptocurrency custodial service to professional clients after it has fulfilled the requirements for its Financial Services Permission.

Before the news broke, Changpeng Zhao, founder of BNB, attended Abu Dhabi Finance Week. Zhao was able to share the platform with Mike Novogratz (CEO and investor at Galaxy Digital) for a lengthy discussion, which also covered the fallout from the ongoing FTX bankruptcy.

Binance already had a presence in Abu Dhabi after receiving in-principle approval by ADGM in April 2022. The exchange was therefore authorized to act as a broker-dealer in cryptocurrencies and other digital assets.

Binance is ready and available to provide its exchange services to Abu Dhabi users

Nouriel Roubini (economist and cryptocurrency skeptic) was the most prominent of these. He made harsh comments about Binance’s regulatory clearance at Abu Dhabi Finance Week.

“This is a corrupt ecosystem… I can’t believe @cz_binance is licensed to operate in UAE,” @Nouriel says to @dan_murphy at Abu Dhabi Finance Week. pic.twitter.com/3BGEMfx7zc– CNBC Middle East (@CNBCMiddleEast) November 16, 2022

Roubini claimed that Binance’s ban in the United Kingdom, and ongoing investigations by US Department of Justice, suggest that the exchange is a “walking bomb”.

“Unfortunately, this ecosystem is completely corrupt. This is a lesson learned over the last few weeks and these people should be expelled. It’s unbelievable that Binance and [Zhao] have a license to operate within the UAE.

Binance played an unusual role in the collapse of Sam Bankman-FTX Fried’s empire. Zhao had originally discussed saving FTX with a rival, but when the company’s financial condition was more scrutinized, the arrangement fell apart before FTX filed bankruptcy.

Binance was the first to advocate for proof-of-reserves for cryptocurrency asset holdings. This trend was adopted by many well-known exchanges. The exchange also established an industry recovery fund to assist projects and exchanges facing liquidity problems.

Binance received regulatory approvals in 2022 from several countries, with Dubai granting the green light for Binance in September 2022. The exchange was approved by regulatory authorities to provide services in Bahrain in March 2022.

DISCLAIMER – The information on this website is intended to provide general market commentary but does not constitute investment advice. We encourage you do your own research before you invest.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News