UAE Global Market Grants Financial Services Permission for Binance
- ADGM granted Binance the Financial Services Permission from the Financial Services Regulatory Authority.
- Binance will be able to offer custodial services to professional clients in and out of the ADGM if all the FSP criteria are met.
- Binance plans to establish itself as a fully-regulated virtual asset service provider.
Binance has acquired initial approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to operate as a virtual asset service provider. After completing its ADGM FSRA application, Binance will be authorized to extend digital asset services and offers to MENA region customers through its subsidiary, Binance (AD) Limited.
#Binance obtained Financial Services Permission (FSP) from Abu Dhabi Global Market This will allow Binance to provide custody to professional clients within , provided they meet the conditions of the FSP as outlined by Financial Services Regulatory Authority. pic.twitter.com/cS6b6mHQ03
— Binance (@binance) November 18, 2022
Furthermore, Binance plans to establish itself as a fully-regulated virtual asset service provider. ADGM, the international financial center in the UAE capital, established itself as a key worldwide hub and commercial platform for virtual asset operations for local, regional, and international organizations in 2018.
In addition to its encompassing regulations and strong provisions, the ADGM’s virtual asset framework is well-known globally. In its role as an International Financial Centre, Abu Dhabi is committed to bolstering its economy and maintaining the integrity and transparency of the market.
Following that, ADGM’s Registration Authority Chief Officer Dhaher expressed his pleasure in Binance receiving ADGM’s in-principle approval. He shared his excitement to support Binance to work towards establishing a foothold and presence in the UAE’s capital, Abu Dhabi.
He further added,
ADGM will continue to actively expand the business offerings and unlock new investment 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.
On the other hand, Richard Teng, Binance’s head of MENA expressed that Binance has been actively engaging worldwide authorities such as ADGM, in an attempt to maintain global standards and collaboratively encourage the development and sustainable expansion of the crypto ecosystem.
In other developments, Binance CEO Zhao recently addressed the Abu Dhabi Finance Week about the rules that Binance and industry peers should follow to maintain customer safety.
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