Binance obtains the approval of Abu Dhabi Global Market Principles

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Less than a month after receiving a limited license of cryptocurrencies in Dubai, the world’s leading cryptocurrency exchange obtained early approval of the Abu Dhabi Global Market Financial Services Permit.

  • The press release shared with CryptoPotato reported that the new license will allow Binance to operate as a cryptocurrency intermediary within the legal boundaries of the watchdog.
  • ADGM, which is the International Financial Center of the capital of the United Arab Emirates, presented “in 2018 the world’s first complete and robust virtual asset regulatory framework.” This aligns with the nation’s plans to become a cryptocurrency hub.
  • Binance already received a limited license in Dubai to operate as a cryptocurrency exchange in March this year, but with certain conditions. Other digital asset exchanges, such as CryptoCom and FTX, followed suit, as the latter even outlined plans to establish a regional headquarters.
  • Speaking on the approval of principles, Abu Dhabi Global Market CEO Dhaher bin Dhaher said he was “happy” with Binance’s approval and “excited” to support the company to expand its presence. in Abu Dhabi.

“ADGM is the largest regulated jurisdiction of virtual assets in the MENA region, and Binance’s involvement will add to its vibrant and trusted ecosystem of virtual asset trading sites, global exchanges, and service providers.” He concluded.

  • Richard Teng, head of MENA at Binance, said his company has worked hard to work with global regulators “as part of its ongoing commitment to maintaining global standards and collectively fostering sustainable development and growth. of the cryptographic ecosystem “.
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