Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has received its in-principle approval (IPA) for a financial services permission (FSP) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) to operate as a broker-dealer in virtual assets.
Applying for the FSP from the ADGM FSRA is part of its plans in establishing itself as a fully-regulated virtual asset service provider.
ADGM, the international financial centre in the UAE capital, introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018, and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional, and international organisations.
The ADGM’s virtual asset framework is well recognised globally for its inclusive regulations and robust provisions, which are part of the authority’s ongoing commitment, as an International Financial Centre, to bolster the economic growth of Abu Dhabi and to uphold the transparency and integrity of the marketplace.
The chief executive officer of the Registration Authority in the Abu Dhabi Global Market, Dhaher bin Dhaher, 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.
He added: “ADGM will continue to actively expand the business offerings and unlock new investments opportunities in the UAE and enable virtual asset partners like Binance to support the growing financial needs of the investors and businesses across the region.”
The head of MENA for Binance, Richard Teng, 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.
“ADGM is the pioneer in introducing robust virtual asset regulatory frameworks to support the growth of the global blockchain 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.”
After successfully completing its ADGM FSRA application, Binance will able to offer its virtual assets services and offerings to customers across the MENA region through its subsidiary, Binance (AD) Limited.
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