The Binance trading platform continues its expansion into the Middle East. The company has obtained permission to operate in the capital region of the United Arab Emirates.
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has received a license to operate in Abu Dhabi. This is the third such document for Binance from regulators in the Middle East, after Bahrain and Dubai. The Abu Dhabi Global Market (ADGM) approval will allow Binance to operate as a broker-dealer of digital assets, including cryptocurrencies.
ADGM is an international free financial zone in the capital of the United Arab Emirates.
“The licensing is part of Binance’s plan to transition to a fully regulated operation as a cryptocurrency-related service provider in an internationally recognized and well-regulated financial center,” the ADGM said in a statement.
ADGM representatives have stated their intention to grant similar regulatory approvals to both local and international crypto companies in order to position Abu Dhabi as a “fast-growing hub for virtual assets and the digital economy.” ADGM Registration Authority CEO Dhaher bin Dhaher welcomed Binance’s move and promised to support the crypto exchange in its activities in Abu Dhabi.
Cryptocurrency exchange Binance began negotiations with the regulator of the world trade zone of the emirate of Dubai to obtain a license to operate as a virtual asset service provider in the spring of 2021. A few months before the end of the negotiations, the exchange received the approval of the central bank of Bahrain. Last September, the head of Binance announced the need to reorganize the exchange into a licensed financial institution with a centralized headquarters in order to improve relations with regulators.
