After Dubai, Binance gets green light from Abu Dhabi regulators

April 12, 2022

Cryptocurrency exchange Binance has announced that it was given approval “in principle” by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate as a broker-dealer in digital assets. The firm said the move is an initial step towards becoming a fully-regulated virtual asset service provider in the emirate.

After Dubai, this makes Abu Dhabi the second emirate Binance has secured approval from. The move also comes after Binance was authorized in Bahrain by the country’s central bank.

It’s an interesting development, and Binance has recently been looking at firmer integrations with local regulatory organisations. As the platform sees massive growth, CEO Changpeng Zhao announced that in order to improve relations with regulators, the company would break with its “decentralised” structure and establish a number of headquarters across the world.

 

by Anil George
Avid follower of all things tech. In between his quest for the ultimate gizmo, Anil fiddles with light meters, collects rare books and feeds his fetish for Jap horror movies. As Managing Editor of T3 Middle East for the GCC, Anil oversees content direction across print and digital. He was a CES 2020 Innovation Awards Judge, reprising his role as an Innovation Awards Judge at CES 2018, CES 2017, 2016 and 2015. Anil is also the Middle East's first Brand Ambassador for Ashdown Engineering. Reach him at: editor@t3me.com.