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Binance Gets In-Principle Approval to Operate as Crypto Broker-Dealer in Abu Dhabi
The crypto exchange is seeking to be a fully regulated virtual asset service provider throughout the Middle East and beyond.
Binance said it received provisional approval to operate as a broker-dealer in virtual assets in Abu Dhabi, a step toward becoming a fully regulated crypto service provider in the capital of the United Arab Emirates.
- Specifically, the world's largest crypto exchange by volume said it received In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (the FSRA) of Abu Dhabi Global Market (ADGM).
- The company already has received approval in Bahrain and is reportedly in talks to gain one in Dubai.
- Upon the successful completion of its ADGM FSRA application, Binance said it will then be able to offer its services regarding virtual asset offerings to customers across the Middle East and North Africa (MENA) region, through its subsidiary Binance (AD) Limited.
Read more: Binance Granted a Crypto Asset Service Provider License From Bahrain’s Central Bank
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Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
