As part of its expansion in the Middle East, the crypto exchange intends to provide world-class services and offerings relating to virtual assets throughout the region.
This decision was taken after the exchange received approval from the United Arab Emirates Financial Services Authority (FSA). Binance is now set to expand its services in the UAE by providing the country’s residents with access to a wide range of crypto assets. The exchange intends to make this move in order to meet the growing demand for crypto trading in the region. In addition to this, Binance plans to offer its users with the most advanced trading solutions in the world in the Middle East.
Binance, the world’s largest cryptocurrency exchange, has received an in-principle approval (IPA) to operate as a digital asset broker-dealer in Abu Dhabi, the capital of the United Arab Emirates (UAE). With Bahrain and Dubai approved, Binance now has three Middle Eastern regulatory approvals.
The Financial Services Regulator Authority (FSRA) of Abu Dhabi has in principle approved Binance’s operation in the capital of the UAE. As a result of the in-principle approval, Binance is one step closer to becoming a fully licensed firm. Upon completion of the license application process, Binance will be able to provide virtual asset services to users in the MENA region via its subsidiary Binance (AD) Limited.
A license for Binance to operate virtual assets in Dubai was granted in March. In order to protect investors’ interests, the emirate published clear guidelines for the regulation of cryptocurrencies and other emerging sectors. The Central Bank of Bahrain also approved the operation of a virtual asset service provider last month.
The Abu Dhabi Global Market has played an important role as an international financial free zone in the UAE in regulating and supervising the financial services offered there. Binance has reciprocated and acknowledged the ADGM’s efforts to secure licenses worldwide and considers the IPA to be an important part of Binance’s strategy to establish itself as a fully-regulated virtual asset provider in the MENA region, in particular.
As Dhaher bin Dhaher, the CEO of ADGM’s Registration Authority, explains, “ADGM is the largest regulated jurisdiction of virtual assets in the MENA region, and Binance’s participation will enhance its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers.”
ADGM aims to ensure that more such regulatory approvals are made available to local and global crypto companies in order to position Abu Dhabi as the world’s fastest-growing virtual asset hub and digital economy. According to government figures, the virtual asset economy accounts for 4.3 percent of the UAE’s GDP.
In addition, the MENA region is attracting the attention of premier global exchanges as an emerging crypto hub. FTX and Bybit, two of the world’s leading crypto exchanges, also acquired virtual asset licenses to operate in Dubai last month.
According to Binance’s MENA region manager Richard Teng, formerly of ADGM, “Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the development and sustainable growth of the crypto economy.” Teng appeared hopeful about providing world-class services and offerings in the MENA region and beyond.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
