To practice brokerage services for trading in virtual assets
Abu Dhabi Global Market grants “Binance” preliminary approval for a financial services permit
Abu Dhabi Global Market has established itself as a leading business platform for virtual asset activities.
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Binance, the provider of blockchain and cryptocurrency infrastructure, announced that it has obtained a preliminary approval for a financial services permit from the Financial Services Regulatory Authority in the Abu Dhabi Global Market, to be able to engage in brokerage services for trading in virtual assets.
The submission of Binance's application for a financial services permit comes as part of its plans to establish its presence as an authorized provider to provide full services for trading virtual assets.
ADGM was the first international financial center to introduce a comprehensive regulatory framework for virtual asset trading in the world in 2018. Since then, it has established itself as an advanced global hub, and a leading business platform for virtual asset activities for local, regional and international institutions.
Zaher Bin Dhaher Al Muhairi, CEO of the Abu Dhabi Global Market Registration Authority, said: “We are pleased to have granted (Binance) the initial approval to obtain a financial services permit from the Abu Dhabi Global Market, and we are excited to support (Binance) as it seeks to establish its presence in the Emirate of Abu Dhabi.
ADGM is the largest virtual asset trading regulatory authority in the MENA region.
Obtaining market approval for (Binance) will provide a qualitative addition to its dynamic and reliable business environment, which benefits traders of virtual assets, global markets and service providers.”
The regulatory framework for trading virtual assets in the Abu Dhabi Global Market enjoys a great global reputation, for its comprehensive regulations and strong provisions, and is part of the ongoing commitment of the Abu Dhabi Global Market, as an international financial center, to promote Abu Dhabi’s economic growth and support transparency and integrity in the market.
ADGM continues to expand its business offering, opening up new investment opportunities in the UAE, and enabling virtual asset trading partners such as Binance to support the growing financial requirements of investors and companies across the region.
Richard Teng, Head of the Middle East and North Africa region at Binance, said: “Binance works closely with global regulators, such as the Abu Dhabi Global Market, as part of its ongoing commitment to upholding global standards and promoting the sustainable development and growth of the dynamic ecosystem of virtual assets.
ADGM is a pioneer in providing robust regulatory frameworks for virtual assets to support the growth of the global business community for blockchain-based financial technologies.
We are grateful for their support during the application process and look forward to working closely with them, and other key stakeholders in Abu Dhabi, to offer our world-class offerings and services more broadly in the MENA region and beyond.”
Upon obtaining the approval of the Financial Services Regulatory Authority in the Abu Dhabi Global Market, Binance will be able to provide its services and offers for trading virtual assets to clients across the Middle East and North Africa region, through its subsidiary Binance (AD) Limited.
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