Binance secures financial services permission from ADGM’s FSRA

Once the FSP conditions are fulfilled, Binance will be permitted to offer custodial services to professional clients in and from the ADGM

Binance received a financial services permission from the Financial Services Regulatory Authority in the Abu Dhabi Global Market. — File photo

Binance, the leading global blockchain services provider, has announced today that it has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital emirate.

In line with Binance’s expansion efforts in the Middle East, the FSP will enable the blockchain giant to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by FSRA.

ADGM’s FSRA introduced the world’s ﬁrst-of-its-kind comprehensive and bespoke Virtual Asset regulatory framework in 2018 to provide inclusive and robust regulations and provisions or organizations. With the aim of strengthening and transforming the economy of Abu Dhabi, ADGM has cemented its position as a leading global hub and business platform for virtual asset activities.

Ahmed Jasim Al Zaabi, chairman of ADGM, said: “We congratulate Binance on securing the FSPs to offer their products and services in the MENA region. Our robust and transparent virtual asset regulatory framework is the backbone of ADGM’s strategy towards fostering a trusted and well-regulated environment that will pave the way for sustainable innovation within the financial sector and reinforcing the UAE’s status as a rapidly accelerating global crypto marketplace, with Abu Dhabi and the ADGM as the engine room powering this growth. We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”

Richard Teng, regional head of Mena and Europe commented Binance is committed to working closely with forward-thinking regulators and cities to develop a clear and beneficial regulatory framework that safeguards market integrity and consumer safety.

"Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector. We look forward to seeing the continued growth and prosperity of Abu Dhabi as a leading global hub for virtual asset activities, and we commend ADGM for facilitating the development of the local blockchain ecosystem,” he said.

Dominic Longman, senior executive officer of Binance (AD), said: “Obtaining this license is a pivotal step in the growth of Binance in Abu Dhabi, and a reflection of the city’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. This is just the beginning for Binance Abu Dhabi and we hope that, as our team grows and develops, so too will the local blockchain landscape.”

— muzaffarrizvi@khaleejtimes.com