Binance wins approval to operate in Abu Dhabi

Bitcoin exchange Binance received in-principle approval from Abu Dhabi Global Market’s Financial Services Regulatory Authority (ADGM) to operate as a broker-dealer in virtual assets.

The free zone in the UAE’s capital adopted a comprehensive regulatory framework for cryptocurrencies in 2018.

According to the statement, the permission to provide financial services in the jurisdiction is part of the exchange’s bid to establish itself as a fully regulated provider of crypto services.

“ADGM is the largest regulated virtual assets jurisdiction in the MENA region, and Binance’s participation will be a plus for its dynamic and reliable ecosystem of venues for trading virtual assets, global exchanges and service providers,” said Daher bin Daher, CEO of the ADGM Registration Authority.

Earlier the exchange received a license to provide cryptocurrency services in Dubai. Following that, the company opened more than 100 vacancies at its emirate office.

Back in March, the Central Bank of Bahrain issued a license for a provider of virtual asset services.