The world’s largest cryptocurrency exchange continues to expand its legal capabilities in different regions. The final approval was received in Abu Dhabi. So, what are the advantages of these regulatory approvals for the stock market? How many regions have already received official permits? You have all the details on the topic.
Binance Gets Third Approval
The approval in principle from Abu Dhabi Global Market allows Binance to work as a broker-dealer of digital assets, including cryptocurrencies. Binance, the world’s largest cryptocurrency exchange by trading volume, has received in-principle permission to operate in Abu Dhabi and the third regulatory approval in the Middle East region after Bahrain and Dubai.
The approval in principle from Abu Dhabi Global Market (ADGM) allows Binance to work as a broker-dealer of digital assets, including cryptocurrencies. Before becoming a fully licensed firm, the Binance cryptocurrency exchange had to complete this process. So, an important milestone has been left behind.
Cryptocurrency of the United Arab Emirates
The Abu Dhabi Global Market serves as an international free financial zone in the capital of the United Arab Emirates, which has historically played an important role in the regulatory and supervisory oversight of financial services provided within its jurisdiction. In response to Binance’s efforts to obtain regulatory licenses worldwide, ADGM stated:
“The IPA is part of Binance’s plans to create a fully regulated virtual asset service provider in an internationally recognized and well-regulated financial center.”
ADGM also shared its intention to grant similar regulatory approvals to local and global crypto companies in order to further position Abu Dhabi as a “fast-growing center of virtual assets and the digital economy.”
In addition to Binance, FTX, the leading crypto exchange, previously received licenses to operate in Dubai, the second largest city in the UAE after Abu Dhabi. On March 22, ADGM issued a recommendation recommending that companies licensed by ADGM be allowed to conduct NFT transactions in their jurisdiction.
