ABU DHABI: Binance has received it's In-Principle Approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market, or ADGM, to establish itself as a crypto asset broker-dealer.
Upon the successful completion of its ADGM FSRA application, Binance could offer its services regarding virtual asset offerings to customers across the Middle East and North Africa region, through its subsidiary Binance (AD) Limited.
"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," said Dhaher bin Dhaher, CEO, Registration Authority of Abu Dhabi Global Market, in a statement.
"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," said Richard Teng, Head of MENA for Binance.
ADGM’s virtual asset framework is well recognised globally for its inclusive regulations, and it is playing a crucial role in elevating the economic growth of Abu Dhabi by upholding the transparency and integrity of the marketplace.
