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Binance’s continues Its Growth In UAE

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Binance, the world’s largest cryptocurrency exchange, was recently granted a regulatory license to operate in Abu Dhabi, the capital of the United Arab Emirates (UAE), heralding the company’s further growth in the region.

Binance got in-principle permission for a Financial Services Permission (FSP) from ADGM’s Financial Services Regulatory Authority, according to a news release from the Abu Dhabi Global Market (ADGM) (FSRA). Binance will be able to operate as a virtual asset broker-dealer in the UAE capital now that it has received approval.

Dhaher bin Dhaher, CEO of the ADGM Registration Authority, commented on the approval:

“We are pleased that Binance has been awarded an In-Principle Approval in the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE. ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

ADGM created the world’s first effective cryptocurrency regulatory framework in 2018. Since then, the international financial center has strived to establish itself as a global hub for both domestic and international crypto companies.

Binance, through its subsidiary Binance (AD) Limited, will be able to offer services to consumers in the Middle East and North Africa (MENA) area after completing its AGDM FSRA license application.

Binance’s Head of MENA, Richard Teng, said in a statement:

“Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”

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Binance’s ongoing expansion in the Middle East is reflected in this newest development. The crypto exchange behemoth received a Virtual Asset License that allows it to “operate within Dubai’s ‘test-adapt-scale’ virtual asset market paradigm.”

Binance will be able to offer restricted exchange products and services to pre-qualified and professional financial service providers under the terms of the license. The exchange platform will also be governed by the Dubai Virtual Asset Regulatory Authority (VARA), a regulatory body established in Dubai in March.

Changpeng Zhao, the CEO of Binance, previously stated,

“I think Dubai will be a base for me for the foreseeable future but it’s not to say I’ll spend 100% of my time in Dubai.