- ADGM has granted Binance a Financial Services Authorization from the Financial Services Regulatory Authority.
- Binance will be able to offer custodial services to professional clients both inside and outside ADGM if all of the FSP criteria are met.
- Binance plans to establish itself as a fully regulated virtual asset service provider.
Binance has received initial approval from the Abu Dhabi Financial Services Regulatory Authority (FSRA) to operate as a virtual asset service provider. After the completion of the ADGM FSRA, Binance will be allowed to expand digital asset services and offerings to MENA clients through its subsidiary Binance (AD) Limited.
#Binance has obtained a Financial Services Permit (FSP) from the Abu Dhabi Global Market. This will allow Binance to provide custodianship for professional clients on the inside, provided they meet the requirements of the FSP as defined by the Financial Services Regulatory Authority. pic.twitter.com/cS6b6mHQ03
– Binance (@binance) November 18, 2022
Moreover, Binance plans to establish itself as a fully regulated virtual asset service provider. ADGM, the international financial center in the capital of the United Arab Emirates, established its position as a major global hub and trading platform for virtual asset operations for local, regional and international organizations in 2018.
In addition to comprehensive regulations and strong provisions, ADGM’s virtual assets framework is world-renowned. Through its role as an international financial center, Abu Dhabi is committed to strengthening its economy and maintaining the integrity and transparency of the market.
Subsequently, Daher, CEO of the ADGM Registry Authority, expressed his happiness that Binance received the initial approval from ADGM. He shared his enthusiasm in supporting Binance to work towards establishing a foothold and presence in the capital of the United Arab Emirates, Abu Dhabi.
ADGM will continue to actively expand business offerings, unlocking new investment opportunities in the UAE and enabling virtual asset partners such as Binance to support the growing financial needs of investors and businesses across the region.
On the other hand, Richard Teng, Head of MENA at Binance, expressed that Binance is actively partnering with global authorities such as ADGM, in an effort to maintain global standards and collaboratively encourage the sustainable development and expansion of the crypto ecosystem.
In other developments, Binance CEO Zhao recently addressed Abu Dhabi Financial Week about the rules that Binance and industry peers must follow to keep customers safe.
The financial services permission to grant the UAE global market to Binance appeared for the first time in Coin Edition.