Binance receives crypto In-Principle Approval from Abu Dhabi
This follows on from Binance receiving crypto licences from Dubai and Bahrain
Binance, currently the world’s largest cryptocurrency exchange by trading volume has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM), which makes up part of its plans in establishing itself as a fully regulated virtual asset service provider.
This follows on from the crypto exchange in March, being granted a virtual asset licence by Dubai’s financial authorities and a crypto asset service provider licence from the Central Bank of Bahrain (CBB).
In 2018, the ADGM introduced its virtual asset regulatory framework, with Abu Dhabi, being the capital of the United Arab Emirates (UAE).
The framework was launched to “regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in ADGM.” The framework was designed to address the entire range of risks that come with crypto including money laundering and financial crime.
Once completed Binance will have access to the MENA region
After Binance completes its ADGM FSRA application the crypto exchange will be able to offer its crypto services to customers across the Middle East and North Africa (MENA) region.
'Binance has been actively engaging global regulators'
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. 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.”
Dhaher bin Dhaher, CEO of ADGM Registration Authority 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.”