Binance to Take Responsibility as Crypto Custodian for Institutional Clients in Abu Dhabi

Binance now has operational licences in three UAE regions including Bahrain and Dubai as well.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 16 November 2022 17:41 IST

Binance to Take Responsibility as Crypto Custodian for Institutional Clients in Abu Dhabi

Photo Credit: Binance

The PM of UAE announced a set of crypto rules in April this year

Highlights

Binance aims to be the most licenced crypto firm
Binance already works as a crypto broker in Abu Dhabi
UAE crypto community is most anxious about investments

The UAE is accelerating efforts to expand its portfolio of services to offer to its thriving crypto community. Binance crypto exchange has been granted approvals in Abu Dhabi to operate as a crypto custodian for institutional clients. At this point, the Abu Dhabi Global Market (ADGM), which was established as a business hub on Al Maryah Island in 2013, plans to become the hub of crypto activities in Abu Dhabi. With this, Binance now has operational licences in three UAE regions including Bahrain and Dubai.

Binance's latest license in Abu Dhabi has been granted by the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of the ADGM, the international financial centre of the UAE's capital.

“We congratulate Binance on securing the FSPs to offer their products and services. We look forward to supporting Binance's operations and R&D in ADGM to develop solutions for the Web3 economy,” the ADGM said in an official blog post.

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Binance previously received an in-principle approval from Abu Dhabi authorities to function as a crypto broker-dealer.

“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. This is just the beginning for Binance Abu Dhabi,” said Dominic Longman, Senior Executive Officer of Binance (AD).

Binance CEO Changpeng Zhao shared the official announcement on Twitter.

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Binance Secures Financial Services Permission from Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA) https://t.co/CtKoWGHr5q
— CZ :large_orange_diamond: Binance (@cz_binance) November 16, 2022

Other parts of the UAE are also taking steps to regulate the crypto sector and ensure safety of the community members.

Earlier this year, the UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets, while also establishing an independent body to oversee the governance of the crypto space.

Soon after, Binance opened hirings for several positions in Dubai.

Binance CEO Zhao is a regular visitor to the UAE and had revealed that he bought a home in Dubai last year.

It is, however, noteworthy that the crypto community in the UAE is the most anxious about their investments, a latest report by CoinKickoff claimed.

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Further reading: Cryptocurrency, Binance, Abu Dhabi, Crypto Custodian

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More