Binance Now Permitted to Operate as Broker-Dealer in Abu Dhabi -Breaking
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Abu Dhabi now allows Binance to be a Broker-Dealer- On April 10, the United Arab Emirates’ FSRA granted Binance its IPA.
- Binance is now able to act as a broker-dealer on virtual assets in Abu Dhabi.
- ADGM has committed to expanding the business offering and unlocking investment opportunities within UAE.
On April 10, The United Arab Emirates’ Financial Services Regulatory Authority (FSRA) granted Binance its ‘In-Principle Approval’ (IPA). Binance now has a Financial Services Permission to be a broker-dealer in virtual assets.
Slowly but surely
» Binance Gets Abu Dhabi Crypto Nod https://t.co/Za0Lnk5ejO
— CZ Binance (@cz_binance) April 10, 2022
Abu Dhabi Global Market’s Registration Authority CEO Dhaher bin Dhaher said they are pleased with the approval of Binance. “We are pleased that Binance has been awarded an In-Principle Approval in the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE.”
ADGM’s virtual asset framework is well recognized globally for its inclusive regulations and robust provisions and it is part of ADGM’s ongoing commitment, as an International Financial Centre, to bolster the economic growth of Abu Dhabi and to uphold the transparency and integrity of the marketplace.
Dhaher said that Abu Dhabi Global Market will expand its business offering and offer new opportunities to investors in the UAE. “[We will] enable virtual asset partners like Binance to support the growing financial needs of the investors and businesses across the region,” he said.
As a result of this ‘In-Principle Approval’, Binance will be able to offer its services with virtual asset offerings to customers across the MENA region – specifically, through its subsidiary Binance (AD) Limited.
This news follows the announcement in March of Binance receiving a Virtual Asset Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). On March 15, Binance also received a Crypto-asset Service Provider license from Central Bank of Bahrain.
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