Binance, the world’s largest crypto exchange, has secured approval from Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM). The exchange has been granted Financial Services Permission (FSP), allowing it to provide services to clients. An official announcement from the UAE capital’s financial centre confirmed this.
The FSP will allow Binance to offer custody to professional clients as long as they adhere to the FSP’s requirements as stated by FSRA.
Ahmed Jasim Al Zaabi, Chairman of ADGM, stated:
“We congratulate Binance on securing the FSPs to offer their products and services in the MENA region.” Ahmed added, “We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”
Ahmed Jasim also explained how the ADGM’s strategy for creating a trustworthy and well-regulated environment is based on its solid and transparent virtual asset regulatory framework. This environment will pave the way for sustainable innovation in the financial sector and enhance the UAE’s status as a rapidly expanding global crypto marketplace, with Abu Dhabi and the ADGM acting as the engine driving this growth.
Richard Teng, Regional Head of MENA and Europe, said:
“Binance is committed to working closely with forward-thinking regulators and cities to develop a clear and beneficial regulatory framework that safeguards market integrity and consumer safety.”
Binance CEO Changpeng “CZ” Zhao confirmed the news on Twitter.
Binance Secures Financial Services Permission from Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) https://t.co/CtKoWGHr5q
— CZ 🔶 Binance (@cz_binance) November 16, 2022
The move comes months after Binance received In-Principle approval (IPA) from the ADGM regulator to operate as a digital asset broker.
Binance’s Senior Executive Officer, Dominic Longman, also commented,
“Obtaining this license is a pivotal step in the growth of Binance in Abu Dhabi, and a reflection of the city’s progressive stance on virtual assets. We are excited to continue to strengthen our symbiotic relationship with ADGM and the city of Abu Dhabi and look forward to providing institutional investors with a secure and reliable platform for their virtual asset activities.”
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
