The
Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market
(ADGM) has granted Financial Services Permission (FSP) to Binance, the world’s
largest cryptocurrency exchange.
ADGM,
an international financial hub located in the United Arab Emirates’ capital
city, announced the permission on Wednesday, noting that
the permission enables Binance to offer custodial services to professional
clients in the hub.
The
new license comes less than two months after Binance obtained a Minimal Viable Product (MVP) license from Dubai’s Virtual
Asset Regulatory Authority (VARA) to offer virtual asset-related services to qualified
retail and institutional investors in the UAE’s most populous city. In March, the exchange also got a Category 4 license as a crypto asset service provider from
the Central Bank of Bahrain.
‘A Pivotal Step’
Speaking
on the new license, Jasim Al Zaabi, Chairman of ADGM noted that Binance with
permission will be able to offer their products and services to users in the
Middle East and North Africa (MENA) region. Al Zaabi added that they will
support Binance’s operations and research and development.
“Working
with the ADGM and FSRA has been a highly collaborative process that underscores
the value of cooperation between our industry and the public sector,” Richard
Teng, Regional Head of MENA and Europe at Binance, said in his comment.
In
his contribution, Dominic Longman, a Senior Executive Officer at Binance Abu
Dhabi Limited, described the license as a “pivotal step in the growth of
Binance in Abu Dhabi.” “We
are excited to continue to strengthen our symbiotic relationship with ADGM and
the city of Abu Dhabi and look forward to providing institutional investors
with a secure and reliable platform for their virtual asset activities,”
Longman added.
Other
Binance Licenses
In
the past few months, Binance has been able to obtain licenses in other jurisdictions across the world as part of its expansionary efforts. In October, the exchange’s Cypriot subsidiary got a crypto license from the Cyprus
Securities and Exchange Commission, adding to its stack of European licenses
from regulators in France, Italy and Spain.
Earlier
in August, the exchange’s subsidiary in the United States received a
money transmitter license in…
