Binance Secures Financial Services Permission From ADGM’s FSRA17. November 2022
Binance has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to provide custody services to professional clients.
The cryptocurrency platform previously received in-principle approval from the FSRA to be a regulated virtual asset service provider in Abu Dhabi in April 2022.
The FSP follows Binance’s receipt of a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer virtual asset services in Dubai in September.
The company said in October that it had seen a 49% increase in user sign-ups year-to-date across the Middle East and North Africa, and that its Dubai office now has over 400 employees.
Israel’s eToro also recently received an in-principle approval to operate as an investment broker in ADGM, while Switzerland’s SEBA Bank received its FSP from the FSRA earlier this year.
“We congratulate Binance on securing the FSPs to offer their products and services in the MENA region. We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy,”
said His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM.
“We look forward to seeing the continued growth and prosperity of Abu Dhabi as a leading global hub for virtual asset activities, and we commend ADGM for facilitating the development of the local blockchain ecosystem,”
said Richard Teng, Regional Head of MENA and Europe, Binance.
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