Binance, the world’s biggest cryptocurrency exchange by daily transaction volume, has gained preliminary authorization to operate as a broker-dealer in virtual assets, including cryptocurrencies, in Abu Dhabi.
However, Binance must still finish the application procedure in order to begin operations in the Middle East and North Africa areas (MENA).
Abu Dhabi Global Market granted Binance in-principle clearance, adding that the crypto exchange’s arrival ‘would inject fresh vitality to Abu Dhabi’s developing virtual assets and blockchain ecosystem’.
The Abu Dhabi Global Market (ADGM) is an internationally acclaimed financial hub strategically placed in the UAE capital. It is governed by three self-governing regulatory bodies: the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA), and the ADGM Courts. The ADGM’s mission is to promote a business-friendly environment in the area in accordance with internationally recognized best practices.
According to Binance’s head of MENA and former ADGM executive, Richard Teng, the crypto exchange ‘has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the development and sustainable growth of the crypto ecosystem.’
The United Arab Emirates (UAE) has risen to prominence as a favored location for cryptocurrency exchanges and holders in recent years. FTX was granted a virtual asset service provider (VASP) license in Dubai earlier this month. Bybit and Crypto.com, two cryptocurrency exchanges, are also exploring extending their presence in the area.
Changpeng Zhao, the CEO of Binance, has likewise picked Dubai as his preferred location for the foreseeable future.
Also Read: Tesla Cars Will Be Connected To Charging Stations Via Lightning
Wallets