Abu Dhabi regulator authorises Binance to provide custodial services.

FSRA granted Binance, the bitcoin exchange, permission to operate as a custodian for institutional clients.

Binance Secures Financial Services Permission from Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) https://t.co/CtKoWGHr5q

— CZ 🔶 Binance (@cz_binance) November 16, 2022

The firm will be able to provide such services to clients meeting FSRA’s requirements.

“Our robust and transparent regulatory framework forms the cornerstone of ADGM’s strategy to create a robust and well-regulated environment that will pave the way for sustainable innovations in the financial sector and strengthen the UAE’s status as a rapidly developing global crypto market,” said Ahmed Jassim Al-Zaabi, Chairman of ADGM.

In April Binance received preliminary approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a virtual asset broker-dealer.

In the summer the exchange announced the launch of payments and trading services based on licenses obtained in Dubai and Bahrain.

Binance CEO Changpeng Zhao announced plans to unite the industry’s biggest players to work with policymakers and regulators.

Earlier the platform announced the launch of the ‘recovery fund’, intended to support industry participants affected by the collapse of FTX to avoid a cascade effect.

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