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Cryptocurrency in UAE: Binance gets ADGM approval to operate as broker-dealer
Abu Dhabi Global Market is a pioneer in introducing robust virtual asset regulatory frameworks to support growth of the global blockchain ecosystem
Binance, the world’s largest cryptocurrency exchange by trading volume, on Sunday said it has received in-principal approval from the Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in virtual assets.
ADGM introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international organisations.
On March 16, Binance was granted a Virtual Asset Licence by Virtual Asset Regulatory Authority (Vara) to conduct some operations in the Emirates.
Dhaher bin Dhaher, CEO of the Registration Authority of ADGM, said Binance has been awarded an in-principle approval in the ADGM and they will support Binance to work towards establishing its foothold and presence in Abu Dhabi.
“ADGM is the largest regulated jurisdiction of virtual assets in the Mena region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers,” he said.
“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.
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ADGM is the pioneer in introducing robust virtual asset regulatory frameworks to support the growth of the global blockchain ecosystem,” said Richard Teng, head of Mena for Binance.
Upon the successful completion of its ADGM FSRA application, Binance will then be able to offer its services regarding virtual asset offerings to customers across the Middle East and North Africa region, through its subsidiary Binance (AD) Limited.
-waheedabbas@khaleejtimes.com
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