Binance Granted Financial Services Permission by ADGM

Binance's Expansion into the UAE

Binance has secured Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM), a significant step in its plan to become a fully-regulated virtual asset service provider. This approval allows Binance to offer custodial services to professional clients, both within and outside the ADGM, contingent on meeting the FSP criteria set by the Financial Services Regulatory Authority (FSRA).

Strategic Move for Binance

By obtaining initial approval from Abu Dhabi’s FSRA, Binance is poised to operate as a virtual asset service provider in the MENA region. Completion of its application process will authorize Binance, through its subsidiary Binance (AD) Limited, to extend digital asset services to regional customers, enhancing its presence in this key market.

ADGM's Role in Virtual Asset Regulation

ADGM, a prominent international financial center in the UAE, has established itself as a vital hub for virtual asset operations since 2018. Known for its comprehensive regulations and robust provisions, ADGM aims to bolster the economy while ensuring market integrity and transparency. This development reflects Abu Dhabi’s commitment to supporting virtual asset partners like Binance, unlocking new investment opportunities across the UAE.

Collaboration with Global Authorities

Binance is actively engaging with authorities worldwide to maintain global standards and foster the sustainable expansion of the crypto ecosystem. Richard Teng, Binance’s head of MENA, emphasized Binance’s efforts to collaborate with entities like ADGM to support the growing financial needs of investors and businesses in the region.

Commitment to Customer Safety

Binance CEO Zhao recently addressed industry peers at Abu Dhabi Finance Week, underlining the importance of adhering to regulations to ensure customer safety. This commitment underscores Binance's dedication to maintaining trust and transparency within the global crypto market.