Abu Dhabi, UAE—Binance, world’s biggest cryptocurrency exchange, announced that it has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
The permission will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by the Financial Services Regulatory Authority.
In April, Binance had received in-principle approval from the FSRA to operate as a broker-dealer in virtual assets.
Binance will now be able to provide its services regarding virtual asset offerings to customers across the Middle East and North Africa (MENA) region, through its subsidiary Binance (AD) Limited.
ADGM, the International Financial Centre in the capital of the UAE, introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018, and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international organizations.
Ahmed Jasim Al Zaabi, Chairman of ADGM, said, “We congratulate Binance for obtaining a permit to provide financial services, and enabling it to offer its products and services in the Middle East and North Africa region. We look forward to supporting its operations and R&D in the Abu Dhabi Global Market to develop solutions for the Web3.0 economy.”
Richard Teng, Regional Head of MENA and Europe, commented, “Working with the Abu Dhabi Global Market and the Financial Services Regulatory Authority has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.”
Dominic Longman, senior executive officer at Binance Abu Dhabi, said, “Obtaining this license is an important step in the growth of Binance in Abu Dhabi, and a reflection of Abu Dhabi’s progressive stance on virtual assets.”