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Finance

Binance Gets In-Principle Approval to Operate as Crypto Broker-Dealer in Abu Dhabi

The crypto exchange is seeking to be a fully regulated virtual asset service provider throughout the Middle East and beyond.

By Kevin Reynolds
AccessTimeIconApr 10, 2022 at 3:12 p.m. UTC
Updated May 11, 2023 at 4:12 p.m. UTC
Abu Dhabi (Konstantin Tcelikhin/Shutterstock)

Abu Dhabi (Konstantin Tcelikhin/Shutterstock)

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Binance said it received provisional approval to operate as a broker-dealer in virtual assets in Abu Dhabi, a step toward becoming a fully regulated crypto service provider in the capital of the United Arab Emirates.

  • 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 company already has received approval in Bahrain and is reportedly in talks to gain one in Dubai.
  • Upon the successful completion of its ADGM FSRA application, Binance said it will then be able to offer its services regarding virtual asset offerings to customers across the Middle East and North Africa (MENA) region, through its subsidiary Binance (AD) Limited.

Read more: Binance Granted a Crypto Asset Service Provider License From Bahrain’s Central Bank

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Kevin Reynolds
Kevin Reynolds

Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

Follow @KReyofCoinDesk on Twitter

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