After operating licenses in Bahrain and Dubai, Binance, the crypto exchange leader, has obtained the necessary permits to operate in Abu Dhabi as a dealer cum broker in digital assets that include cryptocurrencies.
The financial service wing of Abu Dhabi received special permission from the Global Market of Abu Dhabi. Under future strategies, Binance will operate as an entirely licensed cryptocurrency exchange covering the world. It thus marks the third approval for Binance in the Emirates market and is a substantial development.
The CEO of the ADGM Registration Authority of Abu Dhabi Global Market, Dhaher bin Dhaher said that they were pleased that Binance had won approval in principle from the ADGM. He said that Binance’s presence will enhance ADGM’s trusted and vibrant ecosystem of venues ideal for virtual trading in assets, providing services, and setting up a global exchange.
The ADGM is the biggest regulated authority of virtual assets in this Middle East region and the North Africa region and made its official declaration on the company’s license in Abu Dhabi.
Binance Has Big Plans For The Middle East
Binance has revealed that it proposes to be a part of the worldwide growth and shape the crypto segment in this region.
The company had earlier been enthusiastically engaging with global regulators, including the ADGM. It planned to endorse global standards in the cryptocurrency market and collectively nurture sustainable growth and developments of the world crypto ecosystems.
Even as there have been concerns about the legitimacy of the crypto industry, the UAE has been espousing it. To that end, ADGM, which was set up as a business hub on Al Maryah Island back in 2013, has strategies in place to turn into the crypto hub in Abu Dhabi.
Sheikh Al Maktoum, the UAE PM signed new laws governing virtual assets, and also established a body that would oversee the management of the cryptocurrency business.