UAE Cryptocurrency: Binance Obtains ADGM Approval to Operate as a Broker-Dealer – News

Abu Dhabi Global Market is a pioneer in introducing robust regulatory frameworks for virtual assets to support the growth of the global blockchain ecosystem



Published: Sun 10 Apr 2022, 1:07 PM

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Sunday that it has received primary approval from the Abu Dhabi Global Market (ADGM) to operate as a virtual asset broker-dealer.

ADGM introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has since established itself as a global hub and leading business platform for virtual asset business for local organizations. , regional and international.

On March 16, Binance obtained a virtual asset license from the Virtual Asset Regulatory Authority (Vara) to conduct certain operations in the Emirates.

Dhaher bin Dhaher, CEO of ADGM Registration Authority, said that Binance has received approval in principle in ADGM and that they will support Binance to work to establish its foothold and presence in Abu Dhabi.

“ADGM is the largest regulated virtual asset jurisdiction in the Mena region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading platforms, global exchanges and service providers. “, did he declare.

“Binance has actively engaged global regulators, such as the ADGM, as part of its ongoing commitment to upholding global standards and collectively fostering sustainable crypto ecosystem developments and growth.

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ADGM is the pioneer in introducing robust regulatory frameworks for virtual assets to support the growth of the global blockchain ecosystem,” said Richard Teng, Head of Mena for Binance.

After the successful completion of its ADGM FSRA application, Binance will then be able to offer its services regarding virtual asset offerings to customers in the Middle East and North Africa region, through its subsidiary Binance ( AD) Limited.

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