Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, received its in-principle approvals to be a regulated virtual asset service provider in Abu Dhabi.

The company received the in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in virtual assets.

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 Middle East and North Africa region, through its subsidiary Binance (AD) Limited.

ADGM, the international financial center in the capital of the United Arab Emirates (UAE), introduced a robust virtual asset regulatory framework in 2018 and has since established itself as a global hub and business platform for virtual asset activities for local, regional and international organisations.

Dhaher bin Dhaher, CEO of Registration Authority of Abu Dhabi Global Market said,

“We are pleased that Binance has been awarded an In-Principle Approval in the ADGM and 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 MENA region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

Richard Teng, Head of MENA for Binance 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.

 

We are grateful for their support during our application process and look forward to working closely with ADGM and other key Abu Dhabi stakeholders for broader deployment of our world-class offerings and services across the whole MENA region and beyond.”