Binance gets financial services permission from Abu Dhabi Global Market

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

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Binance, the world’s biggest cryptocurrency exchange, has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

This is a key part of Binance’s expansion plans in the UAE and 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 the FSRA.

Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “We congratulate Binance and look forward to supporting its operations and R&D in the Abu Dhabi Global Market to develop solutions for the Web 3.0 economy.

“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.”

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 organisations. ADGM has cemented its position as a leading global hub and business platform for virtual asset activities.

Richard Teng, Regional Head of MENA and Europe, added: “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.

“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.”

Dominic Longman, senior executive officer at Binance Abu Dhabi, said, “Obtaining this license is an important step in the growth of Binance in Abu Dhabi.

“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.”

Meanwhile, speaking at a conference in Abu Dhabi, Binance Chief Executive Changpeng Zhao said there was significant interest from industry players in the recovery fund his company plans to launch to help crypto projects facing a liquidity squeeze following the collapse of rival FTX.

Zhao said he doesn’t have an exact figure in mind for the size of the recovery fund, but added: “There are players that have strong financials and we should band together; we’ve got significant interest so far.

“Crypto doesn’t need saving. Crypto will be fine.”

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

OffMyBack

Mentor Group Gold
they would not care as after all they do send money there....... obviously with plausible deniability.....
 

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