Binance Obtains In-Principle Approval From the Abu Dhabi Global Market

Less than a month after receiving a restricted crypto asset license in Dubai, the world’s main cryptocurrency trade obtained an In-Principle Approval from the Financial Services Permission of Abu Dhabi Global Market.

• The press launch shared with CryptoPotato knowledgeable that the new licensing will permit Binance to function as a broker-dealer for cryptocurrencies inside the watchdog’s authorized borders.
• ADGM, which is the International Financial Center in the capital of the UAE, launched “the world’s first comprehensive and robust virtual asset regulatory framework in 2018.” This aligns with the nation’s plans to change into a cryptocurrency hub.
• Binance already obtained a restricted license in Dubai to function as a cryptocurrency trade in March this year however beneath sure situations. Other digital asset exchanges, equivalent to CryptoCom and FTX, adopted go well with as the latter even outlined plans to ascertain a regional HQ.
• Speaking about the In-Principle Approval, the CEO of Abu Dhabi Global Market, Dhaher bin Dhaher, indicated that he was “pleased” with Binance’s approval and “excited” to help the company in increasing its presence in Abu Dhabi.

“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.” – he concluded.

• Richard Teng, Head of MENA for Binance, asserted that his company has put a number of effort into working with international regulators “as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”