The world’s largest cryptocurrency exchange will now be an official digital asset service provider in the capital of the United Arab Emirates.
Binance’s expansion into the Middle East reigned supreme over its attempts to set foot into some countries in the West and Southeast Asia.
With the Financial Service Permission from Abu Dhabi’s regulatory authority, Binance will be able to operate as an official "broker-dealer in virtual assets", according to an official report.
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In 2018, the Abu Dhabi Global Market (ADGM) became the first financial center to layout digital asset regulations. It is known for its strict regulatory framework for crypto service providers and is a globally recognized institution.
Head of MENA for Binance Richard Teng shared his thoughts on the crypto exchange securing its stay in Abu Dhabi, stating:
"Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem."
Likewise, the CEO of ADGM’s Registration Authority Dhaher bin Dhaher expressed his support for the decision, highlighting that the approval in "the largest regulated jurisdiction of virtual assets in the MENA region" will make other regions more receptive to accepting Binance as a trusted digital asset service provider.
Back in March, Binance secured a crypto service license in the Kingdom of Bahrain, becoming the first digital asset provider to be fully registered in the Gulf region.
