Binance Scores Operational Permits in Abu Dhabi, Will Work as Broker-Dealer in Digital Assets

Binance crypto exchange has received necessary approvals to operate as a broker-dealer of digital assets including cryptocurrencies in Abu Dhabi. With this, Binance now has the operational licences in three UAE regions including Bahrain and Dubai. Binance's fresh permits were granted by the Financial Services Regulator Authority of the Abu Dhabi Global Market (ADGM). As part of its future plans, Binance aims to operate as a fully-licenced crypto exchange around the world, hence scoring three approvals in the UAE for it marks for a significant development.

“We are pleased that Binance has been awarded an In-Principle Approval in the ADGM. Binance's participation will add to its [AGDM's] vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers,” Dhaher bin Dhaher, CEO, Registration Authority of ADGM said in a statement.

The ADGM, that claims to be the largest regulated jurisdiction of virtual assets in the Middle East and North Africa (MENA) regions, made an official announcement on Binance's Abu Dhabi licences on Twitter.

Commenting on the development, Richard Teng, the Head of MENA for Binance said it intends to participate in the global growth and shaping-up of the crypto sector.

“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,” Teng said.

The UAE, meanwhile, has been embracing the crypto industry despite several other nations worrying about its legitimacy.

The ADGM, that was established as a business hub on Al Maryah Island in 2013, plans to become the hub of crypto activities in Abu Dhabi.

Last month, 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 Chengpeng Zhao is a regular visitor to the UAE and had revealed that he bought a home in Dubai last year.