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Cryptocurrency

11 Apr 2022

Binance Receives Authorization to Operate in Abu Dhabi

The Index Today

Binance, the world’s largest cryptocurrency exchange in the world, has been granted the in-principle approval (IPA) by the UAE’s Financial Services Regulatory Authority (FSRA) to begin operations in the country’s capital of Abu Dhabi.

According to CoinQuora, Abu Dhabi Global Market’s Registration Authority CEO Dhaher bin Dhaher said, “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.”

The IPA approval which was granted to Binance on April 10 will give the firm a Financial Services Permission (FSP) which would allow them to function as a broker-dealer in digital assets. This comes after Binance received a Virtual Asset Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) as well as a crypto-asset service provider license from the Central Bank of Bahrain, as the company looks to expand its business in the Gulf region.

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