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The world’s largest crypto exchange by volume, Binance, has reportedly received provisional approval to operate as a virtual assets broker-dealer in Abu Dhabi.
Binance CEO and founder Changpeng Zhao shared a Bloomberg report on Sunday, announcing his firm’s first step toward becoming a fully regulated crypto service provider in the United Arab Emirates’ capital city. Binance has received In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (the FSRA) of Abu Dhabi Global Market (ADGM).
Should Binance receive the ADGM approval, it can then start offering its services to customers across the Middle East and North Africa (MENA) region, via its subsidiary Binance (AD) Limited.
Specifically, the world’s largest crypto exchange by volume said it received In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (the FSRA) of Abu Dhabi Global Market (ADGM).
The crypto trading platform is set to become a fully regulated virtual asset service provider throughout the Middle East and beyond. It has already been greenlighted in Bahrain and is also expected to be given the go ahead in Dubai.