Binance gets ADGM approval to operate as broker-dealer in virtual assets

By Shilpa Annie Joseph, Desk Reporter
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Binance, the world’s leading blockchain, and cryptocurrency infrastructure provider, has received in-principal approval from the Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in virtual assets.

According to the company statement, “After completing its application process, Binance will be able to offer its services across the Middle East and North Africa region through its subsidiary Binance (AD) Limited.”

ADGM, the International Financial Centre in the capital of the UAE, introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has since established itself as a leading global hub and business platform for virtual asset activities for local, regional and international organizations.

Mr. Richard Teng, Binance’s Regional Head of MENA commented that, “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. ADGM is the pioneer in introducing robust virtual asset regulatory frameworks to support the growth of the global blockchain ecosystem.”

ADGM’s virtual asset framework is well recognized globally for its inclusive regulations and robust provisions. Further, it is part of ADGM’s ongoing commitment to bolster the economic growth of Abu Dhabi and uphold the transparency and integrity of the marketplace.

Mr. Dhaher bin Dhaher Al Mheiri, Chief Executive Officer of the ADGM Registration Authority said that, “We are pleased that Binance has been awarded an In-Principle Approval in the ADGM, and we 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 Middle East and Africa (MENA) region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers,” Mr. Al Mheiri added.

Related: Binance wins 1st crypto-asset service provider license in GCC from Bahrain