Binance, the leading global blockchain services provider, has received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). The approval will enable Binance to provide custody to professional clients.
Binance Secures Financial Services Permission from Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) https://t.co/CtKoWGHr5q
— CZ 🔶 Binance (@cz_binance) November 16, 2022
In line with Binance‘s Middle East expansion efforts, the FSP will allow the blockchain giant to provide custody to professional clients who meet the FSP’s conditions as outlined by FSRA.
We congratulate Binance for obtaining a permit to provide financial services, and enabling it to offer its products and services in the Middle East and North Africa region. We look forward to supporting its operations and R&D in the Abu Dhabi Global Market to develop solutions for the Web3.0 economy
says Ahmed Jasim Al Zaabi, chairman of ADGM.
In September, the FRSA published guiding principles on its approach to virtual asset regulation and supervision to outline its expectations for the asset class and sector service providers. According to the financial regulator, the principles supplement ADGM’s regulatory framework for spot virtual asset activities.
In April, Binance received principle approval from The Abu Dhabi Global Market to operate as a broker-dealer in virtual assets in the capital.
Dominic Longman, senior executive officer at Binance Abu Dhabi, commented:
Obtaining this licence is an important step in the growth of Binance in Abu Dhabi, and a reflection of Abu Dhabi’s progressive stance on virtual assets. We are excited to continue to strengthen our symbiotic relationship with ADGM and the city of Abu Dhabi and look forward to providing institutional investors with a secure and reliable platform for their virtual asset activities
The licencing regulations follow the emirate’s clear guidelines to regulate cryptocurrencies and other emerging sectors to protect investor interests. Last month, the Central Bank of Bahrain granted regulatory approval for the company to operate as a virtual asset service provider.
ADGM has established itself as a leading global hub and business platform for virtual asset activities, with the goal of strengthening and transforming the Abu Dhabi economy.
