Abu Dhabi approves Binance’s crypto custody services

The Abu Dhabi Global Market (ADGM) is the international financial centre of the United Arab Emirates’s capital city.

Binance, the world’s largest cryptocurrency exchange, has received permission from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to provide custody services to professional clients in and from the ADGM.

In an effort to become the “promised land” of cryptocurrency, the United Arab Emirates (UAE) has been working to improve its virtual asset regulatory framework and has been speeding up the licensing process for cryptocurrency enterprises.

In April, Binance was granted clearance in principle by ADGM to provide trading and investing services for virtual assets throughout the Middle East and North Africa via a subsidiary. This approval was granted by ADGM.

This year, Binance was also successful in obtaining licenses in the countries of Bahrain and Dubai. In April, ADGM issued a full license to the cryptocurrency exchange Kraken, allowing it to provide services like trading in virtual assets and custodial storage for those assets denominated in the country’s currency.

Also Read: Genesis Discontinues Crypto Lending