Binance Gets Nod To Operate In Abu Dhabi

Binance, the world’s biggest crypto exchange in terms of trading volume, received in-principle approval to operate in Abu Dhabi. 

iexclusivenews reports that the this marks Binance third regulatory approval in the Middle Eastern region after Bahrain and Dubai.

Binance has received preliminary approval from the Abu Dhabi Global Market (ADGM) to act as a broker-dealer in digital assets, including cryptocurrency.

This is another step forward for the cryptocurrency exchange, which aspires to become a fully-licensed company.

ADGM is an international financial free zone located in Abu Dhabi, the capital of the United Arab Emirates.

Which has a long history of regulatory and supervisory monitoring of financial services offered within its authority.

What You Need To Know

ADGM praised Binance’s efforts to get regulatory licenses around the world, saying:

“The IPA is part of Binance’s plans in establishing itself as a fully-regulated virtual asset service provider in an internationally recognized and well-regulated financial center.”

The ADGM also stated that it intends to grant similar regulatory permits to both local and international crypto firms.

In order to further establish Abu Dhabi as a “fast-growing virtual assets center and digital economy.”

Dhaher bin Dhaher, CEO of ADGM, praised the action and pledged to assist Binance in establishing a foothold in Abu Dhabi.

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Apart from Binance, the popular crypto exchange FTX has previously received functioning licenses in Dubai, the UAE’s second-largest city after Abu Dhabi.

ADGM released a consultation document on March 22 proposing that ADGM-licensed firms be authorized to assist NFT trading in the jurisdiction.

The Financial Services Regulatory Authority (FSRA). The free zone’s principal regulator, characterized NFTs as intellectual property rather than “specified assets or financial instruments.” In the ADGM consultation paper, according to iexclusivenews Nigeria.

However, iexclusivenews reports that allowing NFT trading will very certainly necessitate compliance with the ADGM’s Anti-Money Laundering (AML) and Sanctions Rules.