Binance obtains initial approval from Abu Dhabi Global Market to operate in the region
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Answer Binance obtains initial approval from Abu Dhabi Global Market to operate in the region
Less than a month after receiving a limited cryptocurrency license in Dubai, the world’s leading cryptocurrency exchange Binance has received preliminary approval from the Abu Dhabi Global Market Financial Services Authority.
The press release informs that the new license will allow Binance to operate as a cryptocurrency broker within the legal boundaries of the watchdog.
ADGM, the international financial center in the capital of the United Arab Emirates, introduced the world’s first comprehensive and robust regulatory framework for virtual assets in 2018.
This is in line with the country’s plans to become a cryptocurrency hub.
Binance already obtained a limited license in Dubai to operate as a cryptocurrency trading platform in March of this year but under certain conditions.
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Other cryptocurrency exchanges, such as CryptoCom and FTX, followed suit as the latter outlined plans to set up a regional headquarters in Dubai.
Speaking about the initial approval, Mr. Zaher Bin Dhaher, CEO of ADGM, indicated that he was pleased with Binance’s approval and excited to support the company in expanding its presence in Abu Dhabi.
He added:
ADGM is the largest virtual asset regulatory authority in the Middle East and North Africa region.
Binance’s participation will add to its vibrant and reliable ecosystem of digital asset trading venues, global trading platforms, and service providers.
Richard Teng, Head of MENA at Binance, emphasized that his company has put a lot of effort into working with global regulators as part of its ongoing commitment to uphold global standards and collectively foster the development and sustainable growth of the crypto ecosystem.
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