Binance Bags Operational Permits in Principle in Abu Dhabi


Crypto exchange Binance has received the necessary approvals to operate as a broker-dealer of digital assets, including cryptocurrencies in Abu Dhabi. With this, Binance now has operational licenses in three regions of the United Arab Emirates, including Bahrain and Dubai. Binance’s new licenses were granted by the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM). As part of its future plans, Binance aims to operate as a fully licensed crypto exchange globally, earning three approvals in the UAE as it marks a significant development.

“We are delighted that Binance has obtained approval in principle in the ADGM. Binance’s participation will add to its [AGDM’s] vibrant and trusted ecosystem of virtual asset trading platforms, global exchanges and service providers,” said Dhaher bin Dhaher, CEO of ADGM Registration Authority in a statement.

ADGM, which claims to be the largest regulated virtual asset jurisdiction in the Middle East and North Africa (MENA) regions, made an official announcement about Binance’s Abu Dhabi licensing on Twitter.

Commenting on the development, Richard Teng, Head of MENA Region for Binance, said that he intends to participate in the global growth and formation of the crypto industry.

“Binance has actively engaged global regulators, such as the ADGM, as part of its ongoing commitment to upholding global standards and collectively fostering sustainable crypto ecosystem developments and growth,” Teng said.

The UAE, on the other hand, has embraced the crypto industry despite several other nations worrying about its legitimacy.

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

Last month, the Prime Minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, signed a new law on virtual assets, while creating an independent body to oversee the governance of the crypto space.

Shortly after, Binance opened recruitments for several positions in Dubai.

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