Binance Now Permitted to Operate as Broker-Dealer in Abu Dhabi
2022.04.11 11:21
Binance Now Permitted to Operate as Broker-Dealer in Abu Dhabi
- On April 10, the United Arab Emirates’ FSRA granted Binance its IPA.
- This allows Binance to operate as a broker-dealer for virtual assets in Abu Dhabi.
- The ADGM commits to continue expanding business offerings and unlocking new investment opportunities in the UAE.
On April 10, The United Arab Emirates’ Financial Services Regulatory Authority (FSRA) granted Binance its ‘In-Principle Approval’ (IPA). This grants Binance a Financial Services Permission (FSP) to operate as a broker-dealer for virtual assets.
Slowly but surely.
» Binance Gets Abu Dhabi Crypto Nod https://t.co/Za0Lnk5ejO
— CZ Binance (@cz_binance) April 10, 2022
Abu Dhabi Global Market’s Registration Authority CEO Dhaher bin Dhaher said they are pleased with the approval of Binance. “We are pleased that Binance has been awarded an In-Principle Approval in the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE.”
ADGM’s virtual asset framework is well recognized globally for its inclusive regulations and robust provisions and it is part of ADGM’s ongoing commitment, as an International Financial Centre, to bolster the economic growth of Abu Dhabi and to uphold the transparency and integrity of the marketplace.
Dhaher continued that the Abu Dhabi Global Market (ADGM) will keep on expanding business offerings and unlock new investment opportunities in the UAE. “[We will] enable virtual asset partners like Binance to support the growing financial needs of the investors and businesses across the region,” he said.
As a result of this ‘In-Principle Approval’, Binance will be able to offer its services with virtual asset offerings to customers across the MENA region – specifically, through its subsidiary Binance (AD) Limited.
This news follows the announcement in March of Binance receiving a Virtual Asset Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). Prior to that, on March 15, Binance received a crypto-asset service provider license from the Central Bank of Bahrain.
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