Blockchain giant Binance gets Financial Services Permission from ADGM FSRA

By Arya M Nair, Official Reporter
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Binance receives VASP Licence
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Binance, the world’s biggest cryptocurrency exchange, has received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

The Financial Services Permission will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by the FSRA.

Ahmed Jassim Al Zaabi_Binance gets ADGM FSP
Ahmed Jasim Al Zaabi
Chairman – ADGM

“We congratulate Binance on securing the FSPs to offer their products and services in the MENA region. Our robust and transparent virtual asset regulatory framework is the backbone of ADGM’s strategy towards fostering a trusted and well-regulated environment that will pave the way for sustainable innovation within the financial sector and reinforce the UAE’s status as a rapidly accelerating global crypto marketplace, with Abu Dhabi and the ADGM as the engine room powering this growth. We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”

Mr. Richard Teng, Binance Regional Head of MENA and Europe, commented that “Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector. We look forward to seeing the continued growth and prosperity of Abu Dhabi as a leading global hub for virtual asset activities, and we commend ADGM for facilitating the development of the local blockchain ecosystem.”

Mr. Dominic Longman, Senior Executive officer at Binance Abu Dhabi, said that “Obtaining this license is an important step in the growth of Binance in Abu Dhabi, and a reflection of Abu Dhabi’s progressive stance on virtual assets.”

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